Tucson Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Tucson, AZ. Currently, the overall median rent in the city stands at $1,087, roughly the same as last month. Prices and are now up 0.3% year-over-year. Read on to learn more about what’s been happening in the Tucson rental market and how it compares to trends throughout the nation as a whole.

Tucson rents are flat month-over-month and flat year-over-year

The median rent in Tucson rose by 0.1% over the course of April, and has now increased by a total of 0.3% over the past 12 months. Tucson’s rent growth over the past year has has outpaced both state (-2.7%) and national (-0.8%) averages.

Tucson rent growth in 2024 pacing below last year

Four months into the year, rents in Tucson have fallen 0.8%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 0.5%.

April rent growth in Tucson ranked #82 among large U.S. cities

Tucson rents went up 0.1% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #82. Similar monthly rent growth took place in Las Vegas, NV (0.1%) and Norfolk, VA (0.0%).

Tucson is the #89 most expensive large city in the U.S., with a median rent of $1,087

Citywide, the median rent currently stands at $907 for a 1-bedroom apartment and $1,164 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,087. That ranks #89 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Tucson is 22.2% lower than the national, and is similar to the prices you would find in St. Louis, MO ($1,087) and Memphis, TN ($1,083).