Perhaps the pimp is in the crib, because the average rent in Phoenix is dropping like it’s hot, according to a new study from an online listing website.
On Oct. 28, Zumper released a “national rent report” that tracked prices across 100 of the largest cities across the country. The general trend across the nation is that rent is going down, but Phoenix was among the places where it dropped most precipitously. In fact, several cities across the Valley have seen major rental shrinkage in the past year.
In Phoenix, the average rent for a one-bedroom unit was down 5.4% compared to the same time last year, with the average listing coming in at $1,220. Among the cities on the list, that figure placed Phoenix as the 59th-most expensive market…