This West Coast City is Sending the Most Apartment Renters to Phoenix

Article originally posted on Phoenix Business Journal on June 12, 2019

Renters looking to move to the Valley are most likely to be searching from Los Angeles, New York or Tucson, according to data released Wednesday by Apartment List.

Chris Salviati, housing economist for San Francisco-based Apartment List Inc., said he’s not surprised to see nearly 19% of metro Phoenix apartment searches on the Apartment List site coming from renters in LA, considering the affordability crunch in California.

“Phoenix is a place that is doing quite well economically and still retaining a decent level of overall housing cost of living affordability,” Salviati said. “It makes a lot of sense we would see people looking to get out of LA turning to Phoenix as a good alternative.”

Average rental rates were $1,131 in metro Phoenix during the first quarter of 2019, up $88 from the same period a year earlier, according to Phoenix-based ABI Multifamily’s Q1 2019 report.

Apartment occupancy rates remained high in metro Phoenix, with a 95.2% occupancy rate for all apartments with at least 10 units, according to ABI’s report.

Find the Complete Article Here: https://www.bizjournals.com/phoenix/news/2019/06/12/this-west-coastcity-is-sending-the-most-apartment.html?iana=hpmvp_phx_news_headline

Downtown Phoenix
A screen shot of Apartment List's new interactive mapping tool.
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