162 Furnished Apartments for rent in Peoria, AZ
November 2019 Peoria Rent Report
Welcome to the November 2019 Peoria Rent Report. Peoria rents increased over the past month. In this report, we'll evaluate trends in the Peoria rental market, including comparisons to cities throughout the metro, state, and nation.
November 2019 Peoria Rent Report
Welcome to the November 2019 Peoria Rent Report. Peoria rents increased over the past month. In this report, we'll evaluate trends in the Peoria rental market, including comparisons to cities throughout the metro, state, and nation.
Peoria rents increase sharply over the past month
Peoria rents have increased 0.6% over the past month, and have increased significantly by 4.3% in comparison to the same time last year. Currently, median rents in Peoria stand at $1,178 for a one-bedroom apartment and $1,468 for a two-bedroom. The city's rents have been increasing for 23 straight months - the last time rents declined was in November 2017. Peoria's year-over-year rent growth leads the state average of 3.5%, as well as the national average of 1.4%.
Rents rising across the Phoenix Metro
Throughout the past year, rent increases have been occurring not just in the city of Peoria, but across the entire metro. Of the largest 10 cities that we have data for in the Phoenix metro, all of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Gilbert has the most expensive rents in the Phoenix metro, with a two-bedroom median of $1,504; the city has also seen rent growth of 1.8% over the past month, the fastest in the metro.
- Over the past month, Surprise has seen the biggest rent drop in the metro, with a decline of 2.1%. Median two-bedrooms there cost $1,367, while one-bedrooms go for $1,097.
- Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,097; rents increased 0.5% over the past month and 4.0% over the past year.
Many large cities nationwide show more affordable rents compared to Peoria
As rents have increased significantly in Peoria, a few large cities nationwide have seen rents grow more modestly. Compared to most large cities across the country, Peoria is less affordable for renters.
- Rents increased slightly in other cities across the state, with Arizona as a whole logging rent growth of 3.5% over the past year. For example, rents have grown by 1.4% in Tucson.
- Peoria's median two-bedroom rent of $1,468 is above the national average of $1,191. Nationwide, rents have grown by 1.4% over the past year compared to the 4.3% increase in Peoria.
- While Peoria's rents rose significantly over the past year, many cities nationwide also saw increases, including Las Vegas (+3.4%), Dallas (+2.3%), and San Antonio (+2.1%).
- Renters will generally find more expensive prices in Peoria than most large cities. For example, Albuquerque has a median 2BR rent of $889, where Peoria is more than one-and-a-half times that price.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.