NewsBusiness

Actions

Report: Phoenix rental price growth drops in April but still leads nation

137134724
Posted at 8:52 AM, May 28, 2020
and last updated 2020-05-28 11:52:08-04

Phoenix remained the national leader in residential rental price growth in April, even though the Covid-19 pandemic tripped up the steady increases found both in the Valley and around the nation, a new analysis shows.

The new Zillow Observed Rent Index (ZORI) shows that residential rental prices, including single-family homes and apartments, in the Valley have continued the upward trend they’ve been on since 2014, but year-over-year growth, which had been up 8.7% in January, took a nosedive of more than a full percentage point from March to April.

By April, rents were only up 7% over the same month in 2019, averaging $1,454 in Phoenix.

That was down from 8.2% and $1,459 in March.

Read more from the Phoenix Business Journal.