RENTCafé just released its July Rent Report where it analyzed the evolution of monthly Arizona rents, along with the rents in 260 United States cities.
Average rents in Arizona have seen month-over-month decreases across the board as the rental season is slowing down. The only exception is Tucson, which follows a similar pace to the national average, which grew by $3 compared to the previous month and now reached $1,469.
Here are the highlights of the RENTCafé report for Arizona:
• Scottsdale remains the most expensive multifamily rental market in Arizona, but in July, rental costs have been chipped down by $6, lowering average rents to $1,497. It still remains the area with the largest increase compared with last year: $115 more than June 2018.
• In Tempe and Chandler, rents have decreased since last month by $5 and they are now averaging at $1,378 and $1,330 respectively.
• Gilbert rents have gone down by $4 in July, to an average of $1,294.
• Phoenix apartment rents are cheaper, $1,082, and have also seen a $3 decline compared with June.
• Rents in Mesa and Glendale decreased by $1, now averaging at $1,053 and $992 respectively. Mesa’s year over year percentual increase is still the highest in Arizona: 9.5%.
• Tucson closes the list with average rents of $875, the only ones to increase in July, going up by $3. Tucson remains the third cheapest middle-size city in our report.
• Multifamily rent increases are slowing down across the U.S. Only eight out of the 260 cities in the RENTCafé study saw month-over-month jumps of more than 1%. At the same time, 167 cities reported rents below the $1,469 national average, which inched up $3 compared with June.
The data was compiled from actual rents charged in market-rated apartments in more than 260 U.S. cities. The complete report can be accessed here: https://www.rentcafe.com/blog/rental-market/apartment-rent-report/apartment-rents-lose-steam-july-rent-report/.