Phoenix has the seventh-hottest apartment market in the country, with renters snapping up them up almost as fast as developers can put them up, according to Zillow. Columbus, OH, leads the nation in that regard. At seventh, Phoenix bested Austin, Dallas and Las Vegas in the top 10.
To compile the list, Zillow looked at the share of rental apartments built in 2011 or after, the percent of new apartment units built in the last year that rented within three months of being built, and the rent appreciation of apartments over the past year.
New apartments in Phoenix are 1.7% of all rentals, and 71% of those new units are gone in three months or less. Rents have gone up 5.5% since this time last year.
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