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.
PREVIOUSLY: Metro Phoenix had 4th-highest rise in rental rates in U.S.
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.
MORE: Renters, look for deals later this year at Phoenix-area apartments
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.
RELATED: Can't afford the rent, can't afford to move: The new housing crisis
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.
MORE: Street Scout neighborhoods
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.
Trump tax plan will hurt housing market, say Realtors
HUD cuts: Goodbye affordable housing in Arizona?
More down payment help for metro Phoenix homebuyers
Roosevelt Row high-rises get $9 million tax break from Phoenix