Report: Phoenix Had Nation's Largest Rent Growth In 2019
A new report that examined data from markets with more than 50,000 rental units found Phoenix had the biggest growth in rent last year.
Apartments.com, an online listing group, and CoStar Group, a commercial real estate analytics firm, said Phoenix rent grew 6.8%. The report said the average rent in metro Phoenix was just over $1,150 with the average one-bedroom costing $975. Tucson had the second highest increase at 5.7%.
Other markets with high rent growth included: Albuquerque, New Mexico, at 5.1%; Las Vegas and Raleigh, North Carolina, at 4.6% each.
Markets with the highest average rent levels were San Francisco ($3,110); New York City ($2,833); San Jose, California ($2,770); San Rafael, California ($2,525) and Boston ($2,314).
Nationwide, the study found Dallas-Fort Worth had the highest number of new units built last year at 19,522. New York City reported 17,075 new units followed by Washington, D.C. with 12,852. The report found Chicago added 10,012 rental units and Denver added 9,547 more in 2019.