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.
