Arizona is on fire, not only temperature-wise but commercial real estate-wise as well. Our hometown has continued to outpace the single-family home rental market throughout the United States. Continue to read the article below to learn more about this incredible market shift.
Single-family home rents in Arizona continued to outpace the national average during the first half of the year, according to a report from CoreLogic.
High rental home demand is fueling higher prices nationally, and that’s particularly true in Arizona. Nationally, rents rose a cumulative 4.1 percent from January to June, according to CoreLogic.
In Phoenix, rents increased an average of 4.7 percent year over year for the first six months of 2018. The report points to a higher employment growth rate — 3 percent in Phoenix compared with 1.6 percent nationally — as fueling more demand for rental housing.
“High demand and low supply of lower-priced single-family rental properties continue to push up rents for this segment of the rental market,” said Molly Boesel, principal economist at CoreLogic.