Apartment rents dip in most Phoenix-area cities. Here’s where and why

Rents in Phoenix have finally started to cool: The average apartment price was down 2 percent over the past year. The only other major city to show a decrease was Las Vegas rents, which fell 1 percent. As predicted, part of the softening is due to an increase in building—about 3,500 new units were added to Valley housing stock in the first quarter, and vacancies have crept up to 6 percent from 4.5 percent a year ago. That said, the sector is still strong thanks to double-digit gains in 2021-22. Scottsdale saw the biggest drop in rent but remains the costliest place to live at $1,870 for a one-bedroom. Surprisingly, Surprise is the second-most expensive, but that’s probably due to a lack of new units—which also goes for Chandler, Gilbert and Goodyear, where NIMBYs tend to prevail. Mesa has the Valley’s most affordable rent at an average of $1,320 for a one-bedroom apartment.

Source: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2023/04/23/apartment-rents-dip-in-most-metro-phoenix-cities-heres-where-and-why/70117121007/