TUCSON, Arizona, (September 29, 2023) -- Apartment List reports the October 2023 Rent Report for Tucson, AZ. The overall median rent in the city stands at $1,303 after falling 1.1% last month. Prices remain up 3.3% year-over-year. Read on to learn more about what’s been happening in the Tucson rental market and how it compares to national trends.
- Rents in Tucson fell 1.1% in September, compared to a 0.5% decrease nationwide.
- Year-over-year rent growth in Tucson now stands at +3.4%, down from +10.8% one year ago. This ranks #86 fastest in the nation. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen 44.5%.
Today, the median rent in Tucson is $1,030 for a one-bedroom unit and $1,355 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 6.1%, up 0.4 percentage points from last year.
Tucson rents are down 1.1% month-over-month and up 3.3% year-over-year
The median rent in Tucson fell by 1.1% over September and has now increased by 3.3% over the past 12 months. Tucson’s rent growth over the past year has outpaced both state (-3.8%) and national (-1.2%) averages.
Tucson rent growth in 2023 pacing below last year.
Nine months into the year, rents in Tucson have risen 3.4%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to September 2022 rents had increased 6.9%.
September rent growth in Tucson ranked #86 among large U.S. cities.
Tucson rents went down 1.1% in the past month, compared to the national rate of -0.5%. Among the nation's 100 largest cities, this ranks #86. Similar monthly rent growth took place in Fremont, CA (-1.1%) and Raleigh, NC (-1.1%).
Month-over-Month Rent Growth Among 100 Largest Cities In the U.S.
Tucson is the #66 most expensive large city in the U.S., with a median rent of $1,303
Citywide, the median rent currently stands at $1,030 for a 1-bedroom apartment and $1,355 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,303. 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 $1,170 for a 1-bedroom, $1,341 for a 2-bedroom, and $1,364 overall. The median rent in Tucson is 4.5% lower than the national, and is similar to the prices you would find in Richmond, VA ($1,333) and Boise, ID ($1,293).
Median Overall Rent Among 100 Largest Cities In the U.S.
Methodology
Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.
Data Access
Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.