Hi Tim,
2020 has been a wild year for the rental market. A new report from Apartment List shows that while many large cities are getting cheaper, rents are actually rising in surrounding suburban communities.
Here's how things are playing out locally in Phoenix metro:
- Since January, rents in the city of Phoenix are up 2.0% while rents in nearby suburban areas are, on average, up 2.9%.
- Of the 10 local suburbs for which we have data, 7 of them are experiencing higher rent growth than Phoenix.
- The Phoenix suburbs with the fastest-growing rents are Avondale (+7%) and Goodyear (+5%).
The full report compares urban and suburban rent growth in many major markets across the country. If you have any questions or would like to hop on a call to discuss these findings, please let me know!
Thanks,
Chris
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