Phoenix Rental Price Growth Drops in April but Still Leads Nation

By Jeff Gifford | Phoenix Business Journal

Phoenix remained the national leader in residential rental price growth in April, even though the COVID-19 pandemic tripped up the steady increases found both in the Valley and around the nation, a new analysis shows.

The new Zillow Observed Rent Index (ZORI) shows that residential rental prices, including single-family homes and apartments, in the Valley have continued the upward trend they’ve been on since 2014, but year-over-year growth, which had been up 8.7% in January, took a nosedive of more than a full percentage point from March to April.

By April, rents were only up 7% over the same month in 2019, averaging $1,454 in Phoenix. That was down from 8.2% and $1,459 in March.

Still, it was still the fastest growth among 35 major metropolitan areas, Zillow said. Phoenix’s growth far outpaced the next-fastest city, Seattle, which was at 4.7%.

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