- Rents in Tucson increased 2% month-over-month, compared to 2.5% nationally. Month-over-month growth in Tucson ranks #69 among the nation's 100 largest cities.
- Year-over-year rent growth in Tucson currently stands at 13.5%, compared to 5.2% at this time last year.
- Median rents in Tucson currently stand at $899 for a 1-bedroom apartment and $1201 for a two-bedroom.
Tucson rents increase sharply over the past month
Tucson rents have increased 2.0% over the past month, and are up sharply by 13.5% in comparison to the same time last year. Currently, median rents in Tucson stand at $899 for a one-bedroom apartment and $1,201 for a two-bedroom. The city's rents have been increasing for 14 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 21.0%, but exceeds the national average of 10.3%.
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 21.0% 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 $1,795; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Peoria experiencing the fastest growth (+25.5%).
- Surprise, Chandler, and Gilbert have all experienced year-over-year growth above the state average (25.5%, 25.0%, and 24.5%, respectively).
Tucson rents more affordable than many other large cities nationwide
As rents have increased sharply in Tucson, other large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Tucson is still more affordable than most comparable cities across the country.
- Tucson's median two-bedroom rent of $1,201 is slightly below the national average of $1,219. Nationwide, rents have grown by 10.3% over the past year compared to the 13.5% rise in Tucson.
- While Tucson's rents rose sharply over the past year, many cities nationwide saw decreases, including San Francisco (-6.8%), Minneapolis (-3.3%), and DC (-1.8%).
- 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.