{"id":17509,"date":"2022-04-30T14:56:02","date_gmt":"2022-04-30T14:56:02","guid":{"rendered":"http:\/\/box2491.temp.domains\/~villarf0\/?p=17509"},"modified":"2022-04-30T15:17:22","modified_gmt":"2022-04-30T15:17:22","slug":"phoenix-1-in-rent-growth-2-in-home-value-increase","status":"publish","type":"post","link":"https:\/\/villarealtyaz.com\/?p=17509","title":{"rendered":"Phoenix #1 in rent growth, #2 in home value increase"},"content":{"rendered":"\n<p>A strong and widespread recovery of rents has pushed prices beyond where they would have been had the coronavirus pandemic never occurred, according to Zillow\u2019s <a href=\"https:\/\/www.zillow.com\/research\/july-2021-zillow-market-report-29992\/\" target=\"_blank\" rel=\"noreferrer noopener\">latest market report<\/a>. The report shows Phoenix leads the nation in annual rent growth at 23.1%, and is No. 2 in home value growth with 29.8%, behind only Austin, Texas.<\/p>\n\n\n\n<p>Although U.S. home appreciation again broke records in July, there are signs of a rebalancing in the for-sale market to come, with inventory rising for the third consecutive month and home value appreciation slowing in nearly half the major markets.<\/p>\n\n\n\n<p>Rent growth continued to build on momentum that began in March, following a period of sluggishness that started with the COVID-19 outbreak in 2020. Nationally, typical monthly rents rose to $1,843 in July, surpassing June\u2019s record appreciation and rising 9.2%, or $156, above July 2020.<\/p>\n\n\n\n<p>\u201cWith the economy continuing to reopen, employees receiving more long-term guidance on remote work, and as students find their way back to college campuses, the rental market is picking back up,\u201d said Nicole Bachaud, Zillow economic data analyst. \u201cAs high demand puts pressure on rents and incomes are unable to keep up, affordability will become more of a challenge in the coming months.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Key July housing stats for Metro Phoenix<\/strong><\/h3>\n\n\n\n<p>\u2022 Inventory is up 1.6% from June, but still down 18.8% compared to last July<\/p>\n\n\n\n<p>\u2022 Typical home values are $390,733, up 3.4% month over month and up 29.8% year over year<\/p>\n\n\n\n<p>\u2022 Typical rents are $1,746, up 23.1% year over year<\/p>\n\n\n\n<p>\u2022 The share of listings with a price cut was 10% in July, up 2.1% from June<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A strong and widespread recovery of rents has pushed prices beyond where they would have been had the coronavirus pandemic never occurred, according to Zillow\u2019s latest market report. The report shows Phoenix leads the nation in annual rent growth at 23.1%, and is No. 2 in home value growth with 29.8%, behind only Austin, Texas. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17512,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[6],"tags":[],"class_list":["post-17509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"jetpack_featured_media_url":"https:\/\/villarealtyaz.com\/wp-content\/uploads\/2022\/04\/phoenix_metro.jpg","_links":{"self":[{"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/posts\/17509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17509"}],"version-history":[{"count":2,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/posts\/17509\/revisions"}],"predecessor-version":[{"id":17511,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/posts\/17509\/revisions\/17511"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=\/wp\/v2\/media\/17512"}],"wp:attachment":[{"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/villarealtyaz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}