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Valley apartment rent growth led nation in March, just as coronavirus hit

Apartment for Rent Sign
Posted at 7:52 AM, Apr 06, 2020
and last updated 2020-04-06 10:52:00-04

The Phoenix area led the nation in year-over-year apartment rent growth through March, according to a report that covers the key period that came to a close just as coronavirus-prevention efforts were taking hold in Arizona.

Valley rents jumped by 7.6% over March 2019, according to the National Multifamily Report by Yardi Matrix.

That was a margin more than Seattle’s 6%, and significantly higher than the national average rent increase of 2.9%.

Phoenix’s rent growth during the previous three months was fourth in the nation, at 0.5%, behind Seattle, San Jose, California, and Tampa, Florida, according to the report.

Read more from Phoenix Business Journal.