WATCH: New report shows rental prices drop in Phoenix, across most US markets

PHOENIX — A new report from rental company Zumper shows rental prices are falling in most major US cities, with Phoenix among the markets seeing significant declines.

The Valley is down 6.3% this year according to the report, which is part of a broader trend impacting more than 3/4 of the top 100 rental markets nationwide. The average one-bedroom apartment now costs $1,448 per month, down 3% from last year.

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