Apartment List is reporting residential rents in Tucson have remained flat over the past month, however, they have increased 1.7% year-over-year. Tucson's median two-bedroom rent of $955 is well below the national average of $1,196.
Over 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, 9 of them have seen prices rise.
Nationally Rent growth begins to flatten amid COVID-19
The national rent index remained essentially flat from March to April, following two months of gradual increases. This flattening is occurring at a time when rent growth is normally picking up steam due to seasonality in the market. From 2016 to 2019, month-over-month rent growth from March to April ranged from 0.2 percent to 0.7 percent. The fact that we’re seeing rents level off at a time when growth normally speeds up is likely reflective of the continued uncertainty surrounding the COVID-19 pandemic.
Tourism dependent cities exhibit the biggest month-over-month price dips
The national slowdown in rent growth over the past month was mirrored in market-level data across the nation. Of the 100 largest cities for which Apartment List has data, just 38 saw rents increase over the past month; the same number of cities saw prices decline month-over-month, while rents held flat in the remaining 24 cities.