Phoenix-area rent growth is tapering off according to the most recent data from real estate market research firm, Axiometrics.
One reason, the company said, is slower job growth.
According to the Bureau of Labor Statistics, 47,600 jobs were added in the Phoenix area in the 12 months ending in September, significantly less than the 65,600 in the previous 12-month period.
Click on the map below to see the average October rents for cities in metro Phoenix.
"Fewer new jobs reduces the demand for apartments," said Stephanie McCleskey, vice president of research for Axiometrics. "But the situation in Phoenix is far removed from that of the San Francisco Bay Area because new supply is not as much of a factor. Total job growth remains above the national level, and apartment fundamentals are robust. Average rent levels have increased or held steady for the past 23 months."
Year over year, Glendale saw the highest growth at 8.2 percent. Scottsdale has the highest effective rent on average at nearly $1,200 a month. Axiometrics reports the Phoenix apartment market remains one of the strongest compared to the rest of the country.
