More jobs, low number of vacancies credited for Valley rental price growth

Posted at 10:44 AM, Jul 26, 2016
and last updated 2016-07-26 18:24:16-04
If your rent has remained unchanged in recent months, consider yourself lucky.  
According to market research firm Axiometrics, average Phoenix-area effective apartment rents increased in June, marking a six-month consecutive climb.
According to the study, Phoenix renters shelled out an average of $958 per month in June, it's a subtle $2 more than May’s average, but $64 more than the June 2015 average of $894.
Which cities have the steepest climb?
The Goodyear/Avondale/Tolleson area fared the best among Phoenix-area submarkets with 10 percent rent growth.
South Mesa, Deer Valley and North Tempe each had 9.1 percent growth.
North Glendale/Peoria had 8.9 percent growth.
Central Phoenix South had 7.6 percent growth 
How does Phoenix rank among other major U.S. cities? 
Phoenix ranks near the top of the list for highest annual effective rent growth. It landed in the number four spot below Sacramento, Seattle and Riverside, Calif.
"The Phoenix apartment market is exceeding expectations," said Stephanie McCleskey, Axiometrics Vice President of Research. "The combination of high job growth and almost-full occupancy is creating an atmosphere in which landlords are able to push rents.”
Click on the map below to see the average rent increase in your city.