New year, new challenges. As rentals are a red-hot commodity these days and older buildings are almost filled up, in their latest report, Rent Cafe uncover the top 50 cities in the U.S. where renters have the best chances of moving into newer, larger apartments located in coveted areas.
Phoenix ranks 5th among Arizona’s best cities for finding new apartments. However, neighboring cities such as Scottsdale, Chandler and Tempe surpassed Phoenix by boasting higher shares of new rentals in desirable neighborhoods. What’s more, even the average size of new apartments is bigger in these cities.
Here are the main Report highlights:
- Phoenix saw an 18% increase in its apartment stock between 2012 and 2022. Around 19,680 new rentals entered the market in the past decade. Moreover, one-third of these apartments are located in top quality neighborhoods* (36.7%).
- These freshly built units offer 880 square feet, on average, which is slightly lower than the national average (930 square feet).
- Despite the sky-high occupancy rate in Phoenix, renters looking to upgrade to a nice, new place still have options to choose from, as almost 4% of these newly built rentals are vacant.
- How are other cities in the Phoenix-Mesa-Scottsdale metro competing? Scottsdale is the top city in Arizona and in the metro for finding new apartments. What’s more, it ranks 34th among the nation’s best 50 cities, with an 80% share of apartments in top locations. More so, it offers bigger apartments than Phoenix — 944 square feet, on average.
- Meanwhile, in the suburbs, Chandler ranks 2nd in Arizona with the total number of apartments up 40% in the past decade. The average apartment size here is 999 square feet. Tempe, on the other hand, increased its stock by 45%, with 34% of new units located in top neighborhoods.
- Nationwide, apartments built in the last 10 years increased total supply by 33%. What’s more, Sun Belt states are the best destinations for finding new apartments. Texas, Florida and California cities dominate our top 50 ranking.
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