Metro Phoenix's rising-rent frenzy could be winding down, with a research firm even showing rents dipping slightly in some Valley cities during August.
Thomas Brophy, apartment expert and national director of research for Colliers International of Phoenix, explains why.
“Despite sustained new construction, Phoenix’s apartment deficit is still 20,000 units,” Brophy said. The apartment occupancy rate for the area is currently a low 96.2%, according to Colliers. That compares to 94.9% in 2018. That rate was at a 50-year low of aboutRents ticked down in Phoenix, Mesa, Gilbert and Glendale in August, according to ApartmentList.Now, the median metro Phoenix rent for a one-bedroom is $1,244 and $1,504 for a two-bedroom.
Driving demand is this trend: Metro Phoenix ranked fifth in the nation for attracting the most 20-to-34-year-olds between 2015-2020, according to population data analyzed by Brophy. Most people in that age group rent.Metro Phoenix rents by city
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