Phoenix grapples with some of nation's fastest-rising rents
PHOENIX — Aspen Day-Flynn and her boyfriend, Travis Tolin, were thinking of moving back to her native Washington state this fall when their Phoenix landlord helped give them the push.
Now the fifth-largest city in the U.S., Phoenix has become a victim of its own success as Californians seek cheaper housing and snowbirds fleeing winter weather buy homes or rent apartments that sit empty during the scorching summers. A worker in Arizona's capital must earn nearly $20 an hour to afford an average two-bedroom apartment, according to the National Low Income Housing Coalition. The nonprofit says the average Arizona renter now earns about $17 an hour. The state's minimum wage is $11.
Yardi Matrix ranked metro Phoenix No. 4 nationally, with a 6.1% increase in apartment rents over a year. REIS by Moody's Analytics put it at No. 2, saying monthly average rents in the Phoenix market surged 7% from the third quarter of 2018 to the third quarter of 2019. Only metro Miami saw a larger jump, at 7.5%, while the nationwide increase was just over 4%.September figures from S&P CoreLogic Case-Shiller Indices showed metro Phoenix leading the way — at 5.
McAuliffe left her computer security job to sort things out. She and her boyfriend, who buys and sells cars, are staying with friends while the boys, ages 2 and 5, live with their grandmother.
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