TUCSON, ARIZONA (June 30, 2023) -- Apartment List is reporting the July 2023 Rent Report for Tucson, AZ. Currently, the overall median rent in the city stands at $1,321, after rising 3.1% last month. Prices and are now up 5.1% year-over-year. Read on to learn more about what’s been happening in the Tucson rental market and how it compares to trends throughout the nation as a whole.
Tucson rents are up 3.1% month-over-month and up 5.1% year-over-year
The median rent in Tucson rose by 3.1% over the course of June, and has now increased by a total of 5.1% over the past 12 months. Tucson’s rent growth over the past year has has outpaced both state (-3.4%) and national (0.0%) averages.
Tucson rent growth in 2023 pacing below last year
Six months into the year, rents in Tucson have risen 4.3%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to June 2022 rents had increased 6.3%.
June rent growth in Tucson ranked #1 among large U.S. cities
Tucson rents went up 3.1% in the past month, compared to the national rate of 0.4%. Among the nation's 100 largest cities, this ranks #1. Similar monthly rent growth took place in Fresno, CA (3.0%) and New Orleans, LA (2.6%).
Month-over-Month Rent Growth Among 100 Largest Cities In the U.S.
Tucson is the #65 most expensive large city in the U.S., with a median rent of $1,321
Citywide, the median rent currently stands at $1,045 for a 1-bedroom apartment and $1,374 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,321. That ranks #65 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,175 for a 1-bedroom, $1,346 for a 2-bedroom, and $1,369 overall. The median rent in Tucson is 3.5% lower than the national, and is similar to the prices you would find in Richmond, VA ($1,335) and Albuquerque, NM ($1,308).
Median Overall Rent Among 100 Largest Cities In the U.S.
See the full report and methodology here: https://www.apartmentlist.com/rent-report/az/tucson