By Catherine Reagor | Arizona Republic
Metro Phoenix renters could get a break when they sign a lease now.
After leading the U.S. for rent increases in 2021 and early 2022, the Valley is now nearly leading the nation for drops in what tenants pay landlords.
The average rent in the Phoenix area is down more than 3% from July 2022, according to research firm Yardi Matrix. Only Las Vegas had a bigger drop with a 3.5% rent dip.
Tenant advocates say now is the time to negotiate in many areas of the Valley but not all. Two years ago, there was little chance of getting a better rent deal as monthly apartment costs skyrocketed 30%.
Airbnb has also delved into the apartment rent mix with a program that lets tenants at some Phoenix-area apartment buildings sublease to people for short terms to make some cash. But it depends on the area of the Valley and the complexes whether renters can find deals for the apartments.
Metro Phoenix’s overall average rent was $1,633 at the end of June, reports ABI Multifamily. That’s $40 less than a year ago. The average rent is for all apartments. One- and two-bedroom units make up about 70% of metro Phoenix rentals.
Where to find some of the best apartment deals in the Valley
Mesa posted the biggest average rent drop among metro Phoenix’s five biggest cities. The monthly cost of an apartment fell 3% to $1,515 during the past year, according to ABI.
Scottsdale is one of Arizona’s priciest areas to lease, but the average rent is down 1.5% to $2,065.
Phoenix renters saw a 1.1% dip in what they owe landlords. The average rent in the U.S.’s fifth biggest city is $1,559.
Glendale, the most affordable of the five, posted a 1% decrease to $1,494.
Tempe was only one of the five to see a slight increase. The city — home to ASU’s main campus and many student renters — saw rents tick up almost 1% to $1,913.
All the cities, except Scottsdale, saw apartment vacancy rates dip slightly during the past year. Scottsdale’s vacancy was flat.
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