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Metro Phoenix Apartment Market Sees Biggest Ever Year-Over-Year Rent Increase

Metro Phoenix saw its biggest ever year-over-year increase in asking rents for apartments in the fourth quarter of 2018. Vacancy rates also dropped.

Those are among the findings reported by Pete Te Kampe, vice president of investments with Marcus & Millichap in Phoenix. His firm is also predicting rents will go up more than 6 percent this year.

Te Kampe joined The Show to talk about these trends.

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Mark Brodie is a co-host of The Show, KJZZ’s locally produced news magazine. Since starting at KJZZ in 2002, Brodie has been a host, reporter and producer, including several years covering the Arizona Legislature, based at the Capitol.