Report: Glendale has Valley’s cheapest apartment rent, but ...
City also shows Valley’s fastest rent growth year over year
[Submitted]
Scottsdale-based developer Empire Group of Companies announced this month the closing on the sale of 18.61 acres to The Garrett Companies for approximately $7.8 million. Garrett has plans to build a two- to four-story apartment complex that will include 324 apartment units across 17 buildings at the southwest corner of 99th and Northern Avenues in Glendale. This rendering depicts the future complex, on which construction is expected to begin in the next 2-3 weeks.
Good news, bad news when it comes to apartment rents in Glendale.
Apartmentlist.com, an online marketplace for apartment listings, issued its October report this week, and the data reveal two realities in Glendale: the West Valley city has the least expensive apartment rents in the Phoenix metro, yet also the fastest rent growth in the metro year over year.
The report shows Glendale has a two-bedroom apartment unit median rent of $1,453, which is lowest in the Valley. Phoenix checks in with the second lowest two-bedroom median rent, at $1,483.
A one-bedroom median rent in Glendale shows $1,180, which is also lowest in the Valley. The city, though, has also experienced the fastest rent growth in the Valley, with a year-over-year increase of 4.4%.
The national average for a two-bedroom apartment is $1,360, according to the study.
Over the past month, the West Valley’s Avondale has seen the biggest apartment rent drop in the Phoenix metro, with a decline of 1.9%.
Nationwide, apartment rents have grown by 7.5% over the past year.
Another study, released Tuesday by Zumper, also examines rental prices in U.S. cities, but Zumper’s data combines both apartments and single-family homes for rent.
The industry tracker shows Glendale with prices of one and two bedrooms settling at medians of $1,330 and $1,720, respectively.
Notably, the price of two bedrooms in Glendale is up 22.9% since this time last year.
Steve Stockmar has been with the Independent Newsmedia team since 2017. An NAU alum and Peoria resident, Steve’s community journalism pursuits focus mostly on arts & culture, education, and profiles of neighbors making a difference. In his spare time Steve plays in a vintage baseball league using uniforms and rules from the 1860s, and also acts (badly) in community theater. In addition, he has an unhealthy obsession with baseball and the Chicago Cubs.
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