Valley renters are continuing to catch a break as a surge of new apartment construction has pushed vacancy rates higher and driven rents lower across much of the Phoenix Metro area.
After reaching a peak of about $1,570 per month in 2022, the median apartment rent in Maricopa County has fallen to about $1,354, according to data presented recently by Cromford Report senior housing analyst Tina Tamboer last week.
At the same time, apartment vacancy rates have climbed to roughly 8.1%, well above the 4.9% level considered typical for the market.
The result has been a rental market that looks far different from the one Valley residents experienced just a few years ago, when rapidly rising rents and a shortage of available apartments made finding housing increasingly difficult…