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Valley posts largest increase in single-family home rents nationwide

Exterior of house, Arizona
Posted at 9:21 AM, Jul 16, 2019
and last updated 2019-07-16 12:21:27-04

PHOENIX — Prices to rent a single-family home in the Valley climbed higher than anywhere else in the U.S. during the past year, according to a new report.

The latest CoreLogic Single-Family Rent Index reveals rental homes in the greater Phoenix region saw rents increase 7.4% from May 2018 to May 2019.

Tucson saw the second-highest rent increase for single-family rentals, climbing 6.3% during the same period.

As is the case in the Phoenix area's multifamily and apartment markets, the region's red-hot economy coupled with low inventory pushed up the cost to rent a single-family home over the past year.

Read more from the Phoenix Business Journal.