Many Phoenix Renters Opt to Renew Their Leases Rather Than Relocate, Despite New Developments Opening

Despite the influx of thousands of new apartment units entering the rental market in metro Phoenix each quarter, a recent RentCafe study reveals that 57.9% of renters are deciding to renew their leases rather than relocate. According to the report on the nation’s most active rental markets, Phoenix’s occupancy rate dipped to 92.4% at the beginning of the summer rental season, down from 93.5% the previous year. RentCafe also noted a 1.18% increase in apartment unit supply in the Phoenix metro area at the start of the season. Peter O’Neil, research director at Northmarq, remarked that despite these figures, occupancy rates are holding steady due to robust demand. He highlighted that more than 40,000 units are currently under construction in metro Phoenix. Additionally, Phoenix experienced a modest rent increase of 0.1% in June, compared to a 0.4% rise nationwide, as reported by Apartment List in their July Rent Report.

 

Source: https://www.bizjournals.com/phoenix/news/2024/07/08/phoenix-renters-staying-put-rentcafe-report.html

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