Garrett joined ABC15 in July 2019 as a Data Analyst.
Rent prices in the Phoenix area are finally holding steady after years of dramatic increases, thanks to a surge in new apartment construction.According to RentCafe, more than 91,000 new affordable apartments were built nationwide in 2024, representing nearly 14% of all new construction.
That's the highest share of affordable housing in a decade.We're breaking down all of the numbers in this report in the player above.Phoenix ranks lower than major cities like San Francisco and New York, with just 6% of new apartments classified as affordable. But that still represents a massive 200% increase in affordable units over five years, ranking second nationally behind San Antonio.Valley rents jumped from $1,450 to over $1,750 during the pandemic but have barely moved since peaking in August 2022. Some cities are seeing actual decreases, with Avondale down nearly 7% and Tempe down 6% from their peaks.This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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