By Catherine Reagor | Arizona Republic
Metro Phoenix rents have finally stopped rapidly increasing and are even dipping in some areas.
Scottsdale posted the second biggest decrease in the U.S. for the median rent on a one-bedroom apartment this month.
Other Valley cites including Chandler, Tempe and Phoenix saw rents drop, too.
This month’s dips comes after metro Phoenix led the nation for rent increases for most of 2019 and early 2020.
Rents nationally were flat during a month when several states including Arizona had moratoriums on evictions due to the pandemic.
“Landlords are wary of losing tenants and seem to be reticent to ask for increased rents,” said Sydney Temple, lead rental economist at the national research firm Abodo.
She also said many tenants are living more frugally either by choice or by necessity, and that once-coveted luxury apartment near a popular downtown “may not look so appealing right now.”
Major Arizona city rent updates
The typical rent for a one-bedroom in Scottsdale fell about 4% to $1,386 between May and June, according to Abodo’s new report.
Scottsdale was behind only Charleston, South Carolina, for the biggest drop in one-bedroom rents among the U.S.’ approximately 100 biggest cities.
Rent updates for one-bedroom apartments in other Valley cities for June:
- Chandler down 2.4% to $1,318
- Tucson down 1.28% to $770
- Phoenix down 0.27% to $1,090
- Tempe down 0.24% to $1,231
- Mesa up 0.78% to $1,039
- Glendale up 0.94% to $861.
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