PHOENIX – According to a semi-annual report from RentCafé, rental activity across the country has returned to pre-pandemic levels.
Looking ahead to the first half of 2021, letting activity in Metro Phoenix saw a 21% increase over the same period last year, according to the report. This contrasts with a nationwide increase of 13% in the same period.
According to the study, there was a greater increase in renters who chose to move to Phoenix versus those who chose to leave.
Applications show that Phoenix is exchanging tenants with other suburbs of Valley, as well as with Tucson and Flagstaff. However, 35% of renters moved to Phoenix in the first half of the year, while the increase in renters who emigrated only rose by 21%.
The study also found that Gen Z – the youngest generation of renters; the oldest will be 24 this year – the number of rental applications increased by 56% compared to the previous year. Young tenants in Phoenix outpaced the national trend, where Generation Z applications rose 39%.
Read more about this story from the Phoenix Business Journal.