Valley Cities Where Rents Are Rising The Most Nationwide
Eight cities in metro Phoenix made AdvisorSmith’s national list of cities with the highest rent increases.
Topping the national list was Avondale, which had the largest rent increase in November 2020, according to AdvisorSmith’s “Cities Where Rents are Rising and Falling the Most” report.
Avondale’s monthly average rents increased to $1,516 in November 2020, up from an average of $1,384 in 2019.
Brenda Franco, a spokeswoman for AdvisorSmith, said the average rents include apartments and rental homes with anything from a studio to a 3-bedroom unit.
New York-based AdvisorSmith publishes research for small businesses in an effort to help small businesses succeed.
The coronavirus pandemic has caused many Americans to make changes to their school, work and housing situations in 2020, she said. As a result, residential housing markets experienced significant changes in some cities.
“People are moving throughout the country,” she said. They are leaving big cities for other places. People want to move out of Los Angeles and San Francisco to areas that are cheaper as they are working from home.
Avondale also is a hot spot for home construction.
According to the Home Builders Association of Central Arizona, Avondale showed a 336% spike in single-family homebuilding permits issued year to date through November — the biggest growth of all the cities in metro Phoenix.
Much of that construction activity is happening at Alamar, a 1,130-acre master-planned community being developed by Brookfield Residential Properties Inc. that will include 3,695 homes.