Arizona rental demand softens as migration trends unfurl
By: AZ Big Media
With a spotlight on Arizona, Zumper’s just-released November rent report shows pandemic-era trends are beginning to unwind as Arizona rental demand softens. Zumper has been tracking rental prices and trends across the country since 2014.
Some of this month’s findings that are especially relevant to Arizona audiences include:
• Median one-bedroom rent across Arizona was $993 in April 2020; two years later, it was up 33.5% to $1,326.
• One-bedroom median in Phoenix is up just 0.7% ($1390) month-over-month, while the two-bedroom median is down 0.6% ($1690).
• Chandler, Gilbert and Tucson all saw one-bedroom medians fall this month, and we expect that trend to spread to cities like Scottsdale and Mesa over the next six months.
• As the housing market cools and uncertainty hangs in the air, iBuyers are withdrawing from the market–giving prospective buyers less competition from all-cash offers. But with interest rates continuing to rise, many people are holding off on buying a home for now, which means demand for rentals won’t crater altogether.