daily-independent logo
Log in
Housing

Investors pushing locals into tight rental market

Phoenix-area home inventory hit record low in January

The Phoenix home buying and rental markets are both heating up, with much of the new money flooding in from out of state.

Investors have deemed the nation’s fifth-largest city and its surrounding areas a target for their liquid assets.

Recent data from Zumper shows Scottsdale is the 10th most expensive market in the country. In September 2021, median rent for a one-bedroom apartment in Scottsdale rose to $1,850 — a 24% increase over the year before. That’s in line with the massive rent spikes seen across the Valley during the past year. The Zumper data puts Phoenix’s year-over-year rent growth at 22%, 21% for Mesa, 23% for Glendale in the West Valley and Gilbert at 25%.

You must be a member to read this story.

Join our family of readers starting at $5 for your first month and support local, unbiased journalism.

Already have an account? Log in to continue.

Otherwise, follow the link below to join.

Please log in to continue

Log in

Other items that may interest you

Tempe to spend $2.6M to restore, improve historic cemetery

Home sales continue to rise in Scottsdale, the Valley

Camden affiliate buys Agritopia apartments for $124.5M

Arizona, Valley rental rates stable amid flood of new apartments to market