123 Studio Apartments for rent in Scottsdale, AZ
June 2020 Scottsdale Rent Report
Welcome to the June 2020 Scottsdale Rent Report. Scottsdale rents declined over the past month. In this report, we'll evaluate trends in the Scottsdale rental market, including comparisons to cities throughout the metro, state, and nation.
June 2020 Scottsdale Rent Report
Welcome to the June 2020 Scottsdale Rent Report. Scottsdale rents declined over the past month. In this report, we'll evaluate trends in the Scottsdale rental market, including comparisons to cities throughout the metro, state, and nation.
Scottsdale rents decline sharply over the past month
Scottsdale rents have declined 0.9% over the past month, but have increased slightly by 1.9% in comparison to the same time last year. Currently, median rents in Scottsdale stand at $1,091 for a one-bedroom apartment and $1,359 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in March. Scottsdale's year-over-year rent growth lags the state average of 2.1%, but exceeds the national average of 0.8%.
Rents rising across the Phoenix Metro
Throughout the past year, rent increases have been occurring not just in the city of Scottsdale, but across the entire metro. Of the largest 10 cities that we have data for in the Phoenix metro, 9 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 $1,541; the city has also seen rent growth of 3.9% over the past year, the fastest in the metro.
- Over the past year, Surprise is the only city in the metro that has seen rents fall, with a decline of 0.3%. Median two-bedrooms there cost $1,352, while one-bedrooms go for $1,085.
- Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,104; rents fell 0.2% over the past month but rose 2.3% over the past year.
Scottsdale rents more affordable than many large cities nationwide
As rents have increased slightly in Scottsdale, other large cities nationwide have seen rents grow more quickly. Scottsdale is still more affordable than most large cities across the country.
- Rents increased slightly in other cities across the state, with Arizona as a whole logging rent growth of 2.1% over the past year. For example, rents have grown by 1.4% in Tucson.
- Scottsdale's median two-bedroom rent of $1,359 is above the national average of $1,194. Nationwide, rents have grown by 0.8% over the past year compared to the 1.9% increase in Scottsdale.
- While Scottsdale's rents rose slightly over the past year, many cities nationwide saw decreases, including San Francisco (-1.0%), Denver (-0.4%), and Los Angeles (-0.1%).
- Renters will find more reasonable prices in Scottsdale than most large cities. For example, San Francisco has a median 2BR rent of $3,071, which is more than twice the price in Scottsdale.
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.