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Inflation

Inflation eases with Valley apartment rents

Apartment rents are shrinking slightly in the Phoenix market after prices swelled during 2022, according to Thomas Brophy, a housing analyst with Colliers in Phoenix.

Average rents for one-bedroom units have decreased 2% while the average rent for a two-bedroom apartment has decreased by 2.5% in the Phoenix area, Brophy said.

Peak prices for apartments happened during the third quarter of 2022, according to Brophy.

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