72 Luxury Apartments for rent in Surprise, AZ
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September 2017 Surprise Rent Report
Welcome to the September 2017 Surprise Rent Report. Surprise rents remained steady over the past month. In this report, we'll evaluate trends in the Surprise rental market, including comparisons to cities throughout the metro and nation.
Surprise rents held steady over the past month
Surprise rents have remained flat over the past month, however, they are up moderately by 3.5% year-over-year. Currently, median rents in Surprise stand at $1,070 for a one-bedroom apartment and $1,330 for a two-bedroom. Surprise's year-over-year rent growth lags the state average of 4.7%, but exceeds the national average of 3.0%.
Rents rising across the Phoenix Metro
Throughout the past year, rent increases have been occurring not just in the city of Surprise, 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 6.3%. The median two-bedroom there costs $1,050, while one-bedrooms go for $840.
- Over the past month, Avondale has seen the biggest rent drop in the metro, with a decline of 0.5%. Median two-bedrooms there cost $1,200, while one-bedrooms go for $970.
- Gilbert has the most expensive rents of the largest cities in the Phoenix metro, with a two-bedroom median of $1,370; rents grew 0.6% over the past month and 4.1% over the past year.
- Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,020; rents increased 0.2% over the past month and 4.9% over the past year.
Surprise rents more affordable than many large cities nationwide
As rents have increased in Surprise, a few large cities nationwide have seen also rents grow more modestly. Surprise is still more affordable than most large cities across the country.
- Rents also increased in other cities across the state, with Arizona as a whole logging rent growth of 4.7% over the past year.
- Surprise's median two-bedroom rent of $1,330 is above the national average of $1,160. Nationwide, rents have grown by 3.0% over the past year compared to the 3.5% rise in Surprise.
- While Surprise's rents rose over the past year, many cities nationwide also saw increases, including Seattle (+5.4%), Las Vegas (+5.2%), and Los Angeles (+5.0%).
- Renters will find more reasonable prices in Surprise than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than twice the price in Surprise.
| City | Median 1BR price | Median 2BR price | M/M price change | Y/Y price change |
|---|---|---|---|---|
| Phoenix | $820 | $1,020 | 0.2% | 4.9% |
| Mesa | $840 | $1,050 | 0.4% | 6.3% |
| Chandler | $1,040 | $1,300 | 1.3% | 5.8% |
| Glendale | $870 | $1,090 | 0.1% | 5.2% |
| Scottsdale | $1,020 | $1,270 | 0.5% | 4.0% |
| Gilbert | $1,100 | $1,370 | 0.6% | 4.1% |
| Tempe | $910 | $1,130 | 0.1% | 5.6% |
| Peoria | $1,080 | $1,340 | -0.2% | 4.8% |
| Surprise | $1,070 | $1,330 | -0.0% | 3.5% |
| Avondale | $970 | $1,200 | -0.5% | 2.8% |
| Goodyear | $1,100 | $1,370 | -0.2% | 5.0% |
| Fountain Hills | $1,010 | $1,260 | -0.7% | 0.3% |
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.
