By Jeff Gifford | Phoenix Business Journal (abridged)
Nearly half of the Valley’s renters don’t stay in the same residence for two years, making the Phoenix metro one of the nation’s leading locales for churn in the rental market.
Phoenix ranked No. 25 on apartment search platform RentCafe’s 105-city list of America’s Move-Easy Hotspots. In the Valley, 46% of renters moved to new digs elsewhere in the area in less than two years according to the latest data, which was a 2.3% increase from five years earlier.
The share of the Phoenix metro population that is renting clocked in at 30% — the 53rd-highest rate among the cities surveyed — and that was a 7.9% decrease over the five-year period.
Phoenix’s most recent rental supply came in at 34% of the residential market, ranking it at No. 60 in the nation for that measure. That was a 2.9% increase from five years earlier.
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