Apartment rents across the United States are expected to rise over the next few months as construction slows, but the story is the opposite in the Phoenix area, according to a report from Apartments.com, owned by CoStar Group.
Nine of the 10 markets with decreasing rent were in the Sun Belt, where construction has ramped up rapidly.
“Many markets in the country, particularly in the Sun Belt region, are dealing with record-level completions, which weigh on rent growth,” said Veronica Miniello, an associate director of market analytics with CoStar.
In Phoenix, rents fell by 3.5% and in Tucson by 2% compared to the first three months of last year.
