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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 buildingā€”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 thatā€™s probably due to a lack of new unitsā€”which also goes for Chandler, Gilbert and Goodyear, where NIMBYs tend to prevail. Mesa has the Valleyā€™s most affordable rent at an average of $1,320 for a one-bedroom apartment.


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