AZ BIG MEDIA (March 12, 2018) – A recent report found that Phoenix ranked 7th nationally among the top 10 metropolitan areas for rent growth in Q4 2017. During that time, the city saw a 4.4 percent rate hike, continuing its trend of reported rent increases above 4 percent for almost four years.
State business experts said this hike is a result of a robust apartment market that continues to grow, fueled by an active construction market that keeps up with apartment demand from an influx of new, young residents into the city.
The ranking was reported by RealPage, a property management software provider, which also found that supply for Phoenix multifamily properties, 7,463 units, more than matched the demand of 7,128 units, leading to a 94.4 percent occupancy rate.
Average monthly rent in the city was $994, lower than the $1,330 national average. The economically maturing city is in good company with other large metropolitan areas.
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