Apartment rents climbed faster in metro Phoenix than anywhere in the U.S. during the past year.
The average monthly cost to rent in the Valley jumped 8.1 percent, more than twice the rate U.S. rents climbed.
That increase added $103 to the average apartment renter’s monthly bill, according to national apartment research firm RealPage.
The U.S. average rent climbed by 3.4 percent, or $60 a month, during the past year.
The recent rent hike comes after almost five years of similar increases for apartment dwellers in the Phoenix area.
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Many Valley renters whose incomes aren’t keeping pace are feeling squeezed as there are fewer affordable options. Some have opted to find more roommates.
More than 46 percent of Phoenix-area renters pay more than 30 percent of their income for a place to live, according to the national study from the Joint Center for Housing Studies at Harvard.
The threshold for whether someone can afford a rent or mortgage payment is if it costs them less than one-third of their income.