TUCSON, ARIZONA (June 1, 2023) -- Apartment List June 2023 Rent Report for Tucson, AZ. Currently, the overall median rent in the city stands at $1,281, after rising 0.8% last month. Prices and are now up 4.7% 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 0.8% month-over-month and up 4.7% year-over-year
The median rent in Tucson rose by 0.8% over the course of May, and has now increased by a total of 4.7% over the past 12 months. Tucson’s rent growth over the past year has has outpaced both state (-3.4%) and national (0.9%) averages.
Tucson rent growth in 2023 pacing below last year
Five months into the year, rents in Tucson have risen 1.1%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to May 2022 rents had increased 3.4%.
May rent growth in Tucson ranked #31 among large U.S. cities
Tucson rents went up 0.8% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #31. Similar monthly rent growth took place in Raleigh, NC (0.8%) and Lubbock, TX (0.8%).
Tucson is the #66 most expensive large city in the U.S., with a median rent of $1,281
Citywide, the median rent currently stands at $1,013 for a 1-bedroom apartment and $1,332 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,281. That ranks #66 in the nation, among the country's 100 largest cities.
For comparison, the median rent across the nation as a whole is $1,169 for a 1-bedroom, $1,340 for a 2-bedroom, and $1,363 overall. The median rent in Tucson is 6.0% lower than the national, and is similar to the prices you would find in Albuquerque, NM ($1,293) and Greensboro, NC ($1,271).