As The Phoenix Real Estate Market Booms, Rental Prices Skyrocket
The prices for homes are increasing all over the country. Homes in Phoenix are expected to surpass the national average.
In the month of May rent was 2.6 percent higher than it was the past May according to the Census Bureau.
Phoenix saw a 4.9 percent increase from the previous May.
The growth in 2017 has been happening quicker than in 2016. The calculations for the increase use data from apartments and single-family homes. Government data is also used to come up with these figures.
The population in Phoenix is quickly growing. The Mayor, Greg Stanton credits the growth due to additional jobs in the healthcare field. Home sales are also increases where first time home buyers are making the switch from renting to owning a home.
The average rental cost of a two-bedroom home in Phoenix was $1,020 in the month of May. The national average is $1,150.
This report does not include North Phoenix, but other nearby cities had higher rent costs than the rest of Phoenix. The town of Sunrise charged $1,340 in rent for a two-bedroom apartment while Gilbert got $1,350.
Two bedroom apartments in Bela Rosa, Talus Ranch, and other areas in Northern Phoenix ranged from $975 to $1,150. Two bedroom homes were listed at prices from $1,495 to $2,250.
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