The metro Phoenix area has the nation’s second-fastest growing apartment rental rates. Some renters may pay hundreds of dollars in higher rent over the next year, according to a new report from RentCafe. From September 2017 to September this year Phoenix had the second fastest growth in rent, with apartments costing on average 6.9% more compared to the same time last year. But compared to other metro areas, the $997 average rent in Phoenix is very affordable. To avoid vigorous rent growth save up for a down payment and buy a home – before interest rates rise and make buying less affordable.