Arizona Republic
z SUNDAY, FEBRUARY 18, 2018 z 1R
Real Estate
Valley apartment rents have climbed about 20 percent since 2014, while wages in the Phoenix area are up by less than half that much. THE REPUBLIC
Rents rise to the sky Phoenix now considered among nation’s priciest areas for renters Catherine Reagor Columnist, Arizona Republic | USA TODAY NETWORK
Ask many metro Phoenix renters, and you’ll hear the same complaint: The cost of leasing the roof over their heads is getting tougher to afford. And they’re not imagining it. Higher rents recently landed the Valley on a top 10 list of U.S. cities where renters have the toughest time stretching their wages to pay rent.
The average Valley renter must use more than a week-and-a-half of their monthly pay to afford the typical one-bedroom apartment, according to SmartAsset. That puts the area at no. 9 on the personal ÿnance research ÿrm’s list of cities where renters have to work the most hours to afford an apartment. It’s a ranking that puts metro Phoenix in the company of San Jose, San Francisco, Los Angeles, New York and San Diego - and we don’t even get the ocean views to go along with the high prices. Phoenix-area rents still look affordable compared those cities, but it’s also about incomes. See REAGOR, Page 3R
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