Living in a Glendale apartment just got pricier. Rents in the West Valley city are climbing faster than anywhere else in the U.S., according to new research.
The average cost to lease an apartment in Glendale jumped 11.5 percent in April, reports national real-estate research firm ABODO.
New Orleans ranked second for the biggest rent increase, with an 8.1 percent uptick.
Why the big increase in metro Phoenix’s biggest west-side suburb now?
Rents are more affordable in Glendale than in many of the Valley's other notable cities, including Phoenix, Scottsdale, Tempe and Mesa, according to Phoenix-based ABI Multifamily's website.
The average apartment rent in Glendale was $826 at the end of the first quarter, about $450 cheaper than in Scottsdale, $350 less than Tempe, $75 lower than Phoenix and $60 under the average Mesa rent.
Unlike in those other cities, there’s no apartment-building boom underway in Glendale. Actually, it’s the only big Valley city with no large new apartment complexes under construction.
ABODO attributes the rent jump in Glendale to the trend of Millennials opting to rent instead of buy and Baby Boomers downsizing in more affordable cities that are still central in big metro areas such as Phoenix.
Phoenix ranked No. 9 for the biggest U.S. rent increases during April with a 4.9 percent surge.
Rents in Phoenix, Scottsdale and Tempe could dip later this year as many new apartment complexes open up to renters, but the lack of building activity means Glendale renters likely won't see more complexes to choose from or falling rents anytime soon.