Tucson sees #14 largest monthly rent increase
TUCSON, ARIZONA -- Tucson rents increased over the past month. In this report, we'll evaluate trends in the Tucson rental market, including comparisons to cities throughout the state and nation.
Tucson rents increase sharply over the past month
Tucson rents have increased 0.9% over the past month, and are up sharply by 23.3% in comparison to the same time last year. Currently, median rents in Tucson stand at $1,009 for a one-bedroom apartment and $1,348 for a two-bedroom. The city's rents have been increasing for 18 straight months - the last time rents declined was in May of last year. Tucson's year-over-year rent growth lags the state average of 29.0%, but exceeds the national average of 17.7%.
Rents rising across cities in Arizona
Throughout the past year, rent increases have been occurring not just in the city of Tucson, but across the entire state. Of the largest 10 cities that we have data for in Arizona, all of them have seen prices rise. The state as a whole logged rent growth of 29.0% over the past year. Here's a look at how rents compare across some of the largest cities in the state.
Looking throughout the state, Scottsdale is the most expensive of all Arizona's major cities, with a median two-bedroom rent of $2,041; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Scottsdale experiencing the fastest growth (+32.1%).
Tempe, Mesa, and Glendale have all experienced year-over-year growth above the state average (31.6%, 31.1%, and 29.8%, respectively).
Tucson rents more affordable than many other large cities nationwide
As rents have increased sharply in Tucson, a few similar cities nationwide have seen rents grow more modestly. Tucson is still more affordable than most comparable cities across the country.
- Tucson's median two-bedroom rent of $1,348 is above the national average of $1,285. Nationwide, rents have grown by 17.7% over the past year compared to the 23.3% rise in Tucson.
- While Tucson's rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+32.9%), Miami (+28.0%), and Seattle (+22.6%).
- Renters will find more reasonable prices in Tucson than most similar cities. For example, San Francisco has a median 2BR rent of $2,708, which is more than twice the price in Tucson.
For more information check out Apartment List's national report.