Rents in Phoenix rose 3.7 percent in March compared to the year prior, the largest increase of any large U.S. city and nearly three times the national average of 1.3 percent.
The median rent for a 2-bedroom apartment in Phoenix is $1,070, compared to the national average of $1,175, according to a report out today from Apartment List. Since 2014, rents in Phoenix have grown by 21.8 percent, compared to the national average of 12.7 percent. Charts illustrate the comparisons:
These median figures don’t tell the full story, as rents are typically higher in some parts of Phoenix and in outlying suburbs. And Phoenix is far from being the most expensive city:
Rising rents and rising home prices in the Valley can be attributed at least in part to strong job growth. Maricopa County is the fastest growing county in the nation, and Phoenix is the 2nd-fastest growing large city.