Many more people are deciding to rent instead of buying in this Phoenix real estate market.  Some are being cautious with making the move to home ownership while others are forced to save up more as a result of the home price appreciation that we had the last few years in metro Phoenix.  As a result of the increased demand for rentals and the lower supply, which has been decreased by the many condo conversions in the Phoenix valley and the low number of new projects completed, rents increased to an average of $809.00. 

Overall the west had a 5% gain in rents over last year.  $809 is high but, it's low compared to other metro areas; San Francisco is at $1,757, Philadelphia is at $981 and Seattle is at $973.