Apartment rental prices in Phoenix have been on a steady climb, inching up 0.2 percent in August compared to the previous month and 4.9 percent above August 2016, according to a report today from Apartment List, a rental search site. Across the nation rents rose 3.0 percent, year over year.
The median rent for a one-bedroom apartment in Phoenix was $820, and $1,020 for a two-bedroom. Phoenix’s prices are the cheapest of 10 large cities in the Valley.
The report does not break out data for North Phoenix neighborhoods.
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Gilbert has the highest rents of any metro-area big city, with a median price of $1,370 for a two-bedroom. Mesa saw the sharpest year-over-year hike, of 6.3 percent.
For comparison, a median-priced two-bedroom in San Francisco runs $3,070.
Phoenix’s population is the fastest-growing of any city in the nation, something Mayor Greg Stanton attributes in part to a healthy local job market. Simultaneously, a rapid pace of home sales this year has created a tight supply of inventory, especially at the lower end of the price range where potential first-time homebuyers may be looking to switch from renting to owning.