Phoenix's rental prices are up 30% in just 3 years, report says

PHOENIX (3TV/CBS 5) -- It’s no secret that Arizona rental prices have been soaring. And this week, new numbers show rental prices are up from the winter and last year’s peak. It’s leaving residents scrambling to find an affordable place to live.

Across metro Phoenix, rent prices are up 8% from the winter months. Experts say rent prices typically drop in the winter and peak in the summer. What’s unusual about this year’s prices is that they are up 5.6% from last year’s peak.

Nationally, the median rent price was $2,052, but here in Phoenix, an average apartment cost is $2,172. According to Rent.com, a research firm tracking cost of living trends, renting an apartment in the Valley is up more than 30% or about $500 more monthly than just three years ago.

Maricopa County also saw more than 7,000 evictions in July, a new high since 2008. Jon Leckie, a Rent.com data analyst, says the high prices are making it hard for people to keep up, and unfortunately for many, it has forced them out of a home.

“We are just now about to break through the highest rent prices we’ve ever seen. We were only about $2 off from that in August, so if prices rise at all in September, we will break that barrier,” Leckie said. “Last year, prices peaked in August and dropped in September, so it will be interesting to see what happens next month.”

Still, the Valley did not make the top ten metros with the highest rent increase this year despite Maricopa County experiencing faster population growth than any other county in the country. The best advice for now? Experts say it might be best to wait until December or January, if at all possible, before you sign that lease. It could save you as much as a couple hundred dollars per month.

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