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Phoenix apartment rental activity surges back to pre-pandemic levels

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Posted at 8:42 AM, Aug 25, 2021

PHOENIX — Apartment rental activity has made a comeback to pre-pandemic levels nationwide, according to a RentCafé midyear report.

Looking at the first half of 2021, rental activity in metro Phoenix saw an upswing of 21%, compared to the same time last year, according to the report. That compares with a 13% nationwide increase during the same period.

There has been a greater increase of renters who chose to move to Phoenix, as opposed to those who preferred to leave, according to the study.

Applications show Phoenix exchanges renters with other Valley suburbs, as well as Tucson and Flagstaff. However, 35% of renters moved into Phoenix, through the first half of the year, while the increase in renters who left was only up by 21%.

The study also found that Gen Z — the youngest generation of renters; the oldest of whom turn 24 this year — saw a 56% surge in rental applications compared with last year. Young Phoenix renters outpaced the national trend, where Gen Z applications rose 39%.

Read more of this story from the Phoenix Business Journal.