Phoenix rents are flat month-over-month and down 3.8% year-over-year, according to the May report from Apartment List.
Phoenix’s rent growth over the past year has fallen behind both the state (-2.7%) and national (-0.8%) averages.
Four months into the year, rents in Phoenix have risen 0.8%. This is a faster rate of growth compared to what the city was experiencing at this point last year; from January to April 2023, rents had decreased 0.0%.
Citywide, the median rent stands at $1,168 for a 1-bedroom apartment and $1,393 for a 2-bedroom. Across all bedroom sizes (i.e., the entire rental market), the median rent is $1,363. That ranks No. 60 in the nation, among the country’s 100 largest cities.
Phoenix rents are 5.7% lower than the metro-wide median
Across the Phoenix metro, the median rent is $1,446, meaning that the median price in Phoenix proper ($1,363) is 5.7% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -3.0%, above the rate of rent growth within just the city.
The table below shows the latest rent stats for 11 cities in the Phoenix metro area that are included in the Apartment List database.
Among them, Surprise is currently the most expensive, with a median rent of $1,836. Glendale is the metro’s most affordable city, with a median rent of $1,354. The metro’s fastest annual rent growth is occurring in Surprise (-0.8%), while the slowest is in Avondale (-4.7%).
Tucson rents are flat month-over-month and flat year-over-year
The median rent in Tucson rose by 0.1% over the course of April, and has now increased by a total of 0.3% over the past 12 months, according to the May report from Apartment List.
Tucson’s rent growth over the past year has has outpaced both state (-2.7%) and national (-0.8%) averages.
Four months into the year, rents in Tucson have fallen 0.8%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.5%.
