Phoenix rent skyrockets to impossible heights

With Phoenix becoming a destination for people moving from out of state for lower taxes or job opportunities, the Valley’s rental market is quickly becoming unsustainable for longtime residents.

According to Realtor.com’s monthly rental data report, Phoenix ranked No. 10 for monthly rental increases in November, putting it behind first place winner Miami. The median rent in the Valley is now $1,785, which is a 27.6% year-over-year increase from November 2020. Median rent for a studio apartment in the area was just $919 in November 2019; it’s now up to $1,400.

“Rent growth across the country kept hitting record highs in November, up 19.7% year-over-year,” the report said. “It is the fifth straight month with double-digit growth and is over six times as fast as the growth rate seen just before the pandemic hit in March 2020. Although seasonality normally causes prices to cool down during the winter time, the national median rent in November has reached $1,771, higher than any of the previous months in our data history.”