PHOENIX — Renters looking to move to the Valley are most likely to be searching from Los Angeles, New York or Tucson, according to data released Wednesday by Apartment List.
Chris Salviati, housing economist for San Francisco-based Apartment List Inc., said he's not surprised to see nearly 19% of metro Phoenix apartment searches on the Apartment List site coming from renters in LA, considering the affordability crunch in California.
"Phoenix is a place that is doing quite well economically and still retaining a decent level of overall housing cost of living affordability," Salviati said. "It makes a lot of sense we would see people looking to get out of LA turning to Phoenix as a good alternative."
Average rental rates were $1,131 in metro Phoenix during the first quarter of 2019, up $88 from the same period a year earlier, according to Phoenix-based ABI Multifamily's Q1 2019 report.
For the full article on this report from the Phoenix Business Journal, CLICK HERE.