According to RENTCafé’s January Rent Report, the average cost of rent in the United States reached $1,463 after a 3% annual increase. Rent costs are expected to continue their upward trend, as the number of U.S. renters continues to rise. 157% more Americans who make more than $150k per year have been renting, citing a more flexible lifestyle as the main reason.
Phoenix saw rent prices increase by 8.3%, a higher percentage than any of the other large rental hubs in the U.S. Prices in the most expensive cities have also increased rapidly over the last year. For example, Scottsdale saw a 6% appreciation, bringing the average rent up to $1,564. With Chandler’s massive appreciation of 8.6%, the average rent comes to $1,390.
Mesa and Glendale both offer cheaper rent compared to their neighboring cities. Mesa saw appreciation of 8.7%, but still remains lower in total cost at an average of $1,088 per month. Glendale’s appreciation of 6.9% brings the average rent to $1,019.
With no end in sight, rent prices will continue to climb higher and higher. For those considering their next move, our low property taxes make the thought of purchasing a home more attractive every day.