The Valley is no longer leader of the pack when it comes to the apartment rental market, as rents continue to moderate in 2007.

For the past few years, rents here have been climbing at a blistering pace. Now, landlords are compete with unsuccessful home sellers who are renting out their properties, so the supply of units is increasing and vacancies are climbing,

Valley rents are still growing but at a slower pace. The average rent in the Phoenix-Mesa-Scottsdale area was $815 in the third quarter 2007 — a 2.6 percent increase from a year ago, according to research firm RealFacts. Each quarter, RealFacts surveys rental communities of 100 units or more in major metropolitan areas throughout 15 states.

Salt Lake City saw the largest rent increase for the quarter at 4.1 percent, followed by San Francisco and San Jose, both at 3.3 percent, the survey shows.

The average Valley rent has increased by roughly 14 percent in the past five years. The average rent in 2002 was $710.

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