Metro Phoenix renters are finally getting a break.
Valley rents have stopped their heady increases and are down in most areas.
Also, Arizona legislation has been introduced to give tenants more help.
It’s needed after metro Phoenix led the nation with a 30% rent hike in 2021 as the area drew droves of new residents during the pandemic. Many tenants trying to renew leases in 2022 were hit with increases of hundreds of dollars a month.
But rents aren’t dipping because the Valley’s growth has stalled. The Phoenix area ranked second to Houston for apartment leasing in 2023.
“Phoenix was one of the nation’s top apartment demand performers in 2023” because of strong job growth, said Kim O’Brien, an analyst with apartment data firm RealPage.
The growth is driving more much-needed apartment development, which could put more downward pressure on rents.
How many rental deals were inked in 2023?
The median monthly rent in Phoenix was $1,355 in January, according to Apartment List. That’s down 5% from a year ago.