Phoenix is ​​# 1 nationwide for monthly rental growth

According to new data from RealPage, the leading software company, effective asking rents for U.S. homes rose 1.3% in April, rising at the fastest pace in a month in the past decade, and probably the fastest All-time pace and analytics for the real estate industry. In Phoenix, national numbers doubled by driving asking rents – they rose 2.6% in April, the strongest monthly rental growth in the nation. On an annualized basis, effective rents rose 11.4 percent, one of the strongest rates in the nation and the first time in more than a decade that rental growth in Phoenix has seen double-digit growth.

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Nationally, effective asking rents for U.S. homes rose 1.3% in April, rising at the fastest pace in a month in about a decade and possibly the fastest pace ever. In Phoenix, asking rents rose 2.6% in April, the strongest monthly rental growth in the country. On an annualized basis, effective rents rose 11.4 percent, one of the strongest rates in the nation and the first time in more than a decade that rental growth in Phoenix has seen double-digit growth.

This boom in rental growth comes right at the start of the main leasing season. The vast majority of household moves typically take place between April and September.

The median monthly rent for Phoenix is ​​$ 1,341, compared to the national average of $ 1,453.

Apartment rental growth in April

US home rental growth is back in a big way as the reopening of the country’s local economies spurs home creation and stimulates robust demand for all types of housing.

US housing effective asking rents rose 1.3% in April, rising at the fastest pace in a month in about a decade and possibly the fastest pace ever. (RealPage’s long-term performance history for measured rents changes quarterly, not monthly.)

This boom in rental growth comes right at the start of the main leasing season. The vast majority of household moves typically take place between April and September.

The sharpest rent increases in April were in Class A luxury properties, many of which had seen price reductions over the past year. Class A municipalities recorded rental growth of 2% over the course of the month, compared with a 1.3% increase for medium-sized projects in class B and 0.3% for existing class C.

The increase in pricing power in April proved to be nearly universal across all markets, as 145 of the 150 metros recorded in RealPage’s core record saw at least slight rental growth for the month. Four metros saw no change in rents, leaving only one market – Davenport, Iowa – with marginal price reductions.

Among the main markets with at least 100,000 units, Phoenix was the leader in rental growth in April. The effective asking rents there rose by 2.6%.

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