Phoenix – Rental rates are on the rise in the Greater Phoenix multifamily market, according to a report released by Colliers International in Greater Phoenix. Rates ticked higher as demand for apartments keeps pace with the growing inventory of units.
Asking rental rates rose 6.8 percent in 2017, posting a nearly identical gain to what was experienced in 2016. Rental rates inched up 0.7 percent during the fourth quarter, reaching $994 per month. More than half of the city’s submarkets have average asking rents above $1,000 per month, as opposed to one year ago when only one-third of the submarkets had hit that level. Class A developments are pushing the pace of new development, as their rental rates ended the year at an average of $1,631 per month
