317 1 Bedroom Apartments for rent in Phoenix, AZ
July 2020 Phoenix Rent Report
Welcome to the July 2020 Phoenix Rent Report. Phoenix rents declined over the past month. In this report, we'll evaluate trends in the Phoenix rental market, including comparisons to cities throughout the metro, state, and nation.
July 2020 Phoenix Rent Report
Welcome to the July 2020 Phoenix Rent Report. Phoenix rents declined over the past month. In this report, we'll evaluate trends in the Phoenix rental market, including comparisons to cities throughout the metro, state, and nation.
Phoenix rents declined slightly over the past month
Phoenix rents have declined 0.2% over the past month, but have increased slightly by 1.9% in comparison to the same time last year. Currently, median rents in Phoenix stand at $885 for a one-bedroom apartment and $1,102 for a two-bedroom. This is the third straight month that the city has seen rent decreases after an increase in March. Phoenix's year-over-year rent growth leads the state average of 1.5%, as well as the national average of 0.2%.
Rents rising across the Phoenix Metro
Throughout the past year, rent increases have been occurring not just in the city of Phoenix, 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.
- Mesa has seen the fastest rent growth in the metro, with a year-over-year increase of 2.9%. The median two-bedroom there costs $1,148, while one-bedrooms go for $921.
- Over the past month, Scottsdale has seen the biggest rent drop in the metro, with a decline of 0.7%. Median two-bedrooms there cost $1,349, while one-bedrooms go for $1,083.
- Gilbert has the most expensive rents of the largest cities in the Phoenix metro, with a two-bedroom median of $1,538; rents fell 0.2% over the past month but rose 2.1% over the past year.
- Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,102; rents went down 0.2% over the past month but rose 1.9% over the past year.
Phoenix rents more affordable than many comparable cities nationwide
As rents have increased slightly in Phoenix, other large cities nationwide have seen rents grow more quickly. Phoenix is still more affordable than most similar cities across the country.
- Although rents across cities in Arizona have been slightly on the rise, the state's growth as a whole has held steady over the past year. For example, rents have grown by 1.3% in Tucson.
- Phoenix's median two-bedroom rent of $1,102 is below the national average of $1,192. Nationwide, rents have held steady over the past year.
- While Phoenix's rents rose slightly over the past year, some cities nationwide saw increases as well, including Albuquerque (+1.3%) and Las Vegas (+0.6%).
- Renters will find more reasonable prices in Phoenix than most other large cities. For example, San Francisco has a median 2BR rent of $3,035, which is more than two-and-a-half times the price in Phoenix.
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.