Metro Phoenix apartment rents dipped slightly. Here’s where to find the deals.

Rents have sunk 3% in the Valley since July 2022, the second highest fall next to Las Vegas, where they slumped 3.5 percent. The overall average rent here was $1,633 in July 2023, down $40 year-over-year. Mesa saw the biggest drop, with the average rent now $1,515. Phoenix shrank 1.1% to $1,559 and even Scottsdale was down 1.5% to $2.065. Tempe was the only city to see a bump, up nearly 1% to $1.913. Renters are seeing concessions like free rent or parking at roughly 42 percent of units today compared to 28% a year ago. Also, Airbnb is partnering with some property owners to allow tenants to sublet long-term leases through their platform, which might open up more housing. But, as the article clearly states, “What will help make apartments more affordable is more apartments getting built.”

Source: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2023/08/13/metro-phoenix-rents-dip-airbnb-apartments-and-finding-rental-deals/70561911007/