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February 2020 Phoenix Rent Report
Welcome to the February 2020 Phoenix Rent Report. Phoenix rents increased 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.
February 2020 Phoenix Rent Report
Welcome to the February 2020 Phoenix Rent Report. Phoenix rents increased 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 increased slightly over the past month
Phoenix rents have increased 0.2% over the past month, and have increased moderately by 3.7% in comparison to the same time last year. Currently, median rents in Phoenix stand at $883 for a one-bedroom apartment and $1,101 for a two-bedroom. The city's rents have been increasing for 26 straight months - the last time rents declined was in November 2017. Phoenix's year-over-year rent growth leads the state average of 3.6%, as well as the national average of 1.6%.
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.
- Gilbert has the most expensive rents in the Phoenix metro, with a two-bedroom median of $1,540; the city has also seen rent growth of 5.2% over the past year, the fastest in the metro.
- Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,101; rents were up 0.2% over the past month and 3.7% over the past year.
Phoenix rents more affordable than many similar cities nationwide
As rents have increased moderately in Phoenix, a few other large cities nationwide have also seen rents grow modestly. Phoenix is still more affordable than most comparable cities across the country.
- Rents increased slightly in other cities across the state, with Arizona as a whole logging rent growth of 3.6% over the past year. For example, rents have grown by 1.9% in Tucson.
- Phoenix's median two-bedroom rent of $1,101 is below the national average of $1,193. Nationwide, rents have grown by 1.6% over the past year compared to the 3.7% increase in Phoenix.
- While Phoenix's rents rose moderately over the past year, many cities nationwide also saw increases, including Las Vegas (+3.2%), Dallas (+2.4%), and Seattle (+1.8%).
- Renters will find more reasonable prices in Phoenix than most similar cities. For example, San Francisco has a median 2BR rent of $3,090, 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.