REAL ESTATE

Despite 42% Glendale rent hike since pandemic, city still Valley’s cheapest

New study shows West Valley city best bet for apartments — again

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Rent prices in Glendale continue to have strong showings in industry tracking reports.

In February 2021, Zumper, a platform that analyzes data for renters and landlords, in its Phoenix metro area report studied active listings across 13 Valley cities to show the most and least expensive places to live and those with the fastest growing rents. At the time, Glendale checked in as most affordable with an average of $910 for a one-bedroom rent, as well as being most affordable for two-bedroom rent at $1,180.

Fast-forward to April 2022, the same Zumper study again showed that Glendale’s price, of $1,210, was the most affordable in the Metro Phoenix area.

Add apartmentlist.com to those calculating the same theme.

The online markerplace for listings in its August 2022 report shows that rents in Glendale actually decreased 0.6% month-over-month in June, compared to a 1.3% increase nationally. The findings further show that the city’s median one-bedroom rent of $1,220 is the lowest among Valley cities, followed by Phoenix at $1,240. It’s the same with Glendale’s $1,500 median two-bedroom rent, which is tied with Phoenix for lowest among Valley cities.

“Year-over-year rent growth in Glendale currently stands at 13.8%, compared to 25.1% at this time last year,” the study notes. “Rents in Glendale are up by 42.2% since the start of the pandemic in March 2020.”

Throughout the past year, rent increases have been occurring not just in the city of Glendale, but across the entire metro, the findings show. Of the largest 10 cities for which apartmentlist.com has data in the Phoenix metro, all have seen prices rise.

While Glendale continues to emerge as the best bargain in the Valley for apartments, its rent growth is actually the highest with a year-over-year increase of 13.8%.

Surprise has the most expensive rents of the largest Phoenix metro cities, according to the study, with a two-bedroom median of $1,855. Rents there went up 0.5% over the past month and 6.6% over the past year.

Nationwide, rents have grown by 12.3% over the past year compared to the 13.8% rise in Glendale.

Click here to see apartmentlist.com’s full national rent report for August.

 

Glendale, Arizona, rent prices, real estate, Zumper, apartmentlist.com