136 Luxury Apartments for rent in Tempe, AZ

Last updated November 18 at 6:12pm UTC
Villagio Furnished Apartments
1133 W Baseline Rd
Tempe, AZ
Updated November 17 at 5:08am UTC
1 Bedroom
$869
2 Bedrooms
$939
3 Bedrooms
$1,174
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November 2017 Tempe Rent Report

Welcome to the November 2017 Tempe Rent Report. In this report, we'll evaluate trends in the Tempe rental market, including comparisons to cities throughout the metro, state, and nation.

View full Tempe Rent Report
Rent Report
Tempe

November 2017 Tempe Rent Report

Welcome to the November 2017 Tempe Rent Report. In this report, we'll evaluate trends in the Tempe rental market, including comparisons to cities throughout the metro, state, and nation.

Tempe rents declined marginally over the past month

Tempe rents have declined 0.1% over the past month, but are up significantly by 4.2% in comparison to the same time last year. Currently, median rents in Tempe stand at $900 for a one-bedroom apartment and $1,120 for a two-bedroom. This is the second straight month that the city has seen rent decreases after an increase in August. Tempe's year-over-year rent growth is on par with the state average of 4.2%, but exceeds the national average of 2.7%.

Rents rising across the Phoenix Metro

Throughout the past year, rent increases have been occurring not just in the city of Tempe, 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 $1,390; the city has also seen rent growth of 1.0% over the past month, the fastest in the metro.
  • Over the past month, Peoria has seen the biggest rent drop in the metro, with a decline of 1.2%. Median two-bedrooms there cost $1,340, while one-bedrooms go for $1,070.
  • Phoenix proper has the least expensive rents in the Phoenix metro, with a two-bedroom median of $1,020; rents went down 0.2% over the past month but rose 4.1% over the past year.

Tempe rents more affordable than many large cities nationwide

As rents have increased significantly in Tempe, a few large cities nationwide have also seen rents grow more modestly. Tempe is still more affordable than most large cities across the country.

  • Rents increased moderately in other cities across the state, with Arizona as a whole logging rent growth of 4.2% over the past year. For example, rents have grown by 3.7% in Tucson.
  • Tempe's median two-bedroom rent of $1,120 is slightly below the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 4.2% rise in Tempe.
  • While Tempe's rents rose significantly over the past year, many cities nationwide also saw increases, including Las Vegas (+4.8%), Seattle (+4.2%), and Albuquerque (+4.0%).
  • Renters will find more reasonable prices in Tempe than most large cities. For example, San Francisco has a median 2BR rent of $3,070, which is more than two-and-a-half times the price in Tempe.

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.
City Median 1BR price Median 2BR price M/M price change Y/Y price change
Phoenix $820 $1,020 -0.2% 4.1%
Mesa $840 $1,050 -0.0% 5.0%
Chandler $1,050 $1,310 0.1% 5.9%
Glendale $880 $1,090 -0.0% 4.4%
Scottsdale $1,020 $1,270 0.0% 3.3%
Gilbert $1,110 $1,390 1.0% 5.0%
Tempe $900 $1,120 -0.1% 4.2%
Peoria $1,070 $1,340 -1.2% 2.5%
Surprise $1,080 $1,350 -0.1% 3.4%
Avondale $960 $1,200 -0.4% 2.2%
See more

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.