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Southwest multifamily housing affordability

• The southwest region’s hottest destinations continue to command a broad spectrum of both rental rates and median incomes. Phoenix and Salt Lake City command the best deals on a monthly basis, taking only 22% and 21% of monthly income, respectively. On the other end of the scale, Los Angeles residents are partitioning around 43% of their monthly income for rent.

• On the other hand, New multifamily developments in Phoenix’s hottest submarkets continue to raise rents, as Phoenix holds the highest annualized rent growth rate of all surveyed areas at 5.2%.

• A multitude of variables are directly affected with an increase in the rent to monthly income ratio such as overall savings. A survey by Go Banking Rates states that 57% of survey respondents had less than $1,000 saved, with around 39% of respondents having $0 in savings. 

Source: JLL Research, Axio Metrics, ESRI, GOBanking

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