Nationally, effective asking rents for U.S. apartments climbed 1.3% in April, rising at the fastest pace seen during a single month for the past decade or so and likely at the fastest pace ever, according to new data from RealPage, the leading provider of software and analytics for the real estate industry. In Phoenix, effecting asking rents doubled the national numbers — rising 2.6% in the month of April, the strongest monthly rent growth in the nation. On an annual basis, effective rents were up 11.4 percent, one of the strongest rates in the nation and the first time in more than a decade that rent growth in Phoenix pushed into the double digits.
This upturn in rent growth arrives right at the beginning of prime leasing season. The vast majority of household moves tend to occur in the time frame from April through September.
Average monthly rent for Phoenix stands at $1,341, compared with the national average of $1,453.
Read the full AZ Big Media article HERE.
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