2021 has been a very competitive year for tenants in many areas as they faced a perfect storm: high demand, low availability of apartments in Phoenix, and applicants with top notch credit scores. In the most extreme situations, occupancy rates rebounded to 98%, as more than 35 tenants nationwide competed for a vacant apartment, which was occupied in just two weeks, according to RentCafe Year End Report.
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Without sufficient supply for the growing interest of tenants this year, Apartments in Phoenix were hard to find.
Here are the report highlights for Phoenix:
â¢ Phoenix is ââthe 39th most competitive US rental market. Tenants have struggled to find an apartment here as they have encountered a terrible mix of high occupancy rates of 96.3% and 20 applicants competing for an apartment that remains available for 25 days.
â¢ Phoenix’s 96.3% occupancy rate is above the national average of 95%. A low rental supply can lead to such numbers, where prospecting tenants will not be able to find an available unit too early.
â¢ Apartments in Phoenix remain vacant for 25 days. With such a high occupancy rate, any new vacant position is filled in less than a month.
â¢ 20 potential tenants per apartment. When there aren’t enough apartments for everyone, you get situations like in Phoenix where there are 20 applicants per unit – the national average is 14.
â¢ Renter’s credit rating for an apartment in Phoenix is ââbelow average. Renters in Phoenix were paid with credit scores of 631, just below the national average of 640.
In 2021, the most competitive rental markets were small subways, close to nature that allow an affordable lifestyle. So, with their high demand, low apartment availability, and tenants with high credit scores, the top three locations to rent this year were Eugene, OR; San Diego, California; and Knoxville, Tennessee.