July marks the seventh straight month Phoenix has seen apartment rents rise.
According to Apartment List’s July Phoenix Rent Report, rents increased 0.3 percent during the past month and 2.3 percent year-over-year, exceeding the national average year-over-year increase of 1.4 percent.
Rents are increasing across the entire metro area.
Gilbert has the most expensive two-bedroom median rent at $1,450 and grew 7 percent during the past year, making the city home to the fastest-growing rates in the Valley, Apartment List reported.
The only city of the 10 analyzed by Apartment List with a decrease in rent prices was Surprise, with a 0.8 percent decline, bringing median two-bedroom rent prices to $1,330.
Despite rising rents, renters will still find more reasonable prices in Phoenix than other comparable cities, Apartment List said.
The median two-bedroom rent in Phoenix is $1,040, which is below the national average of $1,180, according to the agency.
San Francisco has a median two-bedroom rent of $3,070, nearly three times that of Phoenix.
Chris Salviati, housing economist with Apartment List, told the Phoenix Business Journal that Phoenix has a strong local economy and has experienced significant growth during recent years.
The city has been able to expand its housing stock, which has allowed the area to maintain its affordability, he added.
This relative affordability may be drawing renters from other parts of the country, Salviati said.
Headquartered in San Francisco, Apartment List is an apartment rental marketplace that publishes monthly reports on rental trends for cities across the United States.
In its reports, Apartment List takes median rent statistics from the Census Bureau and then proceeds based on its own rental listing data, which compares units available across both time periods to provide an accurate account of rent growth.
By Adrian Marsh