Sorry, renters. You’re probably paying your landlord more.
According to leading market research firm Axiometrics, rental prices in the Valley continued going up this summer – and they’re probably not going down anytime soon.
At the same time, more people are moving in, as occupancy trends upward as well.
That means demand for apartments is up, and so are rent prices.
We mapped their data from August, 2015 here for you. Take a look and see the average rent prices in each region of the Valley and how much they changed from August of last year.
MOST EXPENSIVE – AND CHEAPEST—PLACES TO RENT
People living in South Scottsdale had the highest rent in the Valley in August, at $1,112 on average. Rent was relatively high there in August of last year, as well.
North Scottsdale had the second highest prices, at $1094, and North Tempe had the third highest, at $1013 on average.
Renters also paid more in Chandler and Gilbert ($989 a month), the South Tempe and Ahwatukee area ($973), and in downtown Phoenix ($948).
Pinal County renters paid the least in August, at $675, along with renters in Maryvale, Sunnyslope and South Glendale.
AREAS THAT GOT A LOT MORE EXPENSIVE THIS YEAR
In Chandler and Gilbert, rents went up by almost $90 in the last year, to $989 a month. The North Glendale and Peoria areas also saw rents go up quite a bit since 2014, by $78 to an average of $883 a month.
Goodyear, Avondale, East Mesa, North Scottsdale and Fountain Hills also saw rents go up by more than $70 in the last year.
The only place that saw the cost of rent go down since August, 2014 was the outlying Maricopa County area, and that was only by about $10.
CONSTRUCTION AND TRENDS
While downtown Phoenix (the Central Phoenix South area on the map) didn’t have the highest rent in August, it did have the most construction happening at that time.
There were 1,232 units under construction in the region this summer, according to Axiometrics.
North Tempe also had 877 units under construction in August, and there were 852 units being built in the North Scottsdale and Fountain Hills area.
Chandler and Gilbert, on the other hand, only had 301 new units under construction at that time.
Axiometrics vice president of research Stephanie McCleskey said the issue in Phoenix is job growth and that is at a healthy 3.3 percent.
“As the Phoenix area continues to add jobs, the demand for apartments will continue to climb,” she said in a media release.
The average rent in the Valley in August was $904 a month, according to Axiometrics. And occupancy was at 94 percent this summer.
“As demand continues, we’ll likely see occupancy continue to increase along with rent growth,” McCleskey said.
