PHOENIX (3TV/CBS5) – Temperatures aren’t the only thing rising in Phoenix. According to HotPads latest quarterly rent report, Phoenix is leading the nation in rent appreciation.
Out of the 50 largest metro areas in the United States, sun belt cities like Phoenix are seeing the largest increase in rent, followed by Las Vegas.
Last year rent rose 5.2 percent annually in the Phoenix-metro area. The median rent overall being $1,545 per month, up 6.9 percent, according to HotPads.
The Rio Vista neighborhood in Phoenix has increased up to 20.8 percent with the fastest rising rent, the median rent is $1,810 per month.
The average rent in Sin City is up 6.8 percent, totaling $1,465 a month.
The U.S. median rent is up 3.2 percent from 2018 averaging at $1,545 a month, according to HotPads.
Renters are reportedly seeing fewer incentives such as move-in specials or discounted rent.
HotPads is a Zillow group-owned, map-based rental and real estate market place for renters in the United States.