4 Arizona Cities Where Rent Prices Are Plummeting
If buying a house in Arizona isn’t financially in the cards for you this year, potential buyers may want to consider renting instead.
The (very) good news is rent prices are decreasing across certain Arizona cities, meaning you can still enjoy a comfortable lifestyle while saving money to put toward your future home down payment.
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To find out which Arizona cities have decreasing rent, GOBankingRates reviewed median rent costs obtained through Zumper and pulled various cities based on the highest rent decrease over the last year.
However, we did omit one city from the final list and that was Paradise Valley. While the city did experience a 19% decrease in rent over the last year, Paradise Valley is also known for its millionaire residents. According to Zumper, the median rent is $7,950. It’s safe to say this is likely out of pocket for the typical homebuyer.
Ranked by the highest to lowest percentage decrease in the last year, here are the four Arizona cities where rent prices are plummeting.
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Glendale
Median rent: $1,750
Glendale has ranked in several listicles this year as a U.S. city where rent has dropped the most. It took the #11 place spot on CNBC and held seventh place as one of Redfin’s 12 most affordable places to live in Arizona.
According to Zumper, rent prices for all bedroom counts and property types have decreased by 14% in the last year. The same prices have also declined by 3% over the last month. For those interested in renting an apartment in Glendale, Zumper data shows a one-bedroom apartment averages at $1,348 per month while a two-bedroom has an average monthly cost of $1,616 each month.
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Phoenix
Median rent: $1,750
This might be your sign to move to Phoenix. While the rent decline in the last year is not as significant as Glendale (at 12%), in the last month Phoenix rent has decreased by 7%. According to Zumper, Phoenix’s median rent is -10 lower than the national average.
There’s also more rentals to explore and find the rent that fits your price range. Compared to Glendale which has 388 total rentals, Phoenix has 2,708 rentals currently available on Zumper.
Flagstaff
Median rent: $2,000
Flagstaff is experiencing an interesting decrease in rent both over the last month and the last year. Over the last year, rent has decreased by 11% for all bedroom counts and property types. Meanwhile, there has been an 11% decline in the last month.
Is Flagstaff being positioned as the next cheapest Arizona city to rent from? There are only 123 total rentals available, so interested renters won’t want to wait to find out.
Prescott Valley
Median rent: $1,815
Out of any city mentioned in this roundup, Prescott Valley has the smallest number of available rentals at 68. But don’t overlook it as a hidden gem to find cheap rent.
Redfin ranked Prescott Valley in 12th place on their roundup of most affordable places to live in Arizona. Its inexpensive monthly rent for a one-bedroom is particularly attractive ($1,811 according to Redfin) to potential renters. And while rent prices have remained the same over the last month, Zumper data shows rent has decreased in Prescott Valley by 7% in the last year for all bedroom counts.
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This article originally appeared on GOBankingRates.com: 4 Arizona Cities Where Rent Prices Are Plummeting