Apartment List is reporting Tucson rents increased over the past month by 0.3% and are up 1.8% year-over-year. Trends in the Tucson rental market, including comparisons to cities throughout the state and nation show Tucson rents increasing over the national average of 1.4%.
Tucson rents increase is moderate over the past month
Currently, median rents in Tucson stand at $715 for a one-bedroom apartment and $950 for a two-bedroom. This is the second straight month that the city has seen rent increases after a decline in October. Tucson’s year-over-year rent growth lags the state average of 3.5% but exceeds the national average of 1.4%.
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 in Arizona, all of them have seen prices rise. The state as a whole logged rent growth of 3.5% 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, Gilbert is the most expensive of all Arizona’s major cities, with a median two-bedroom rent of $1,541; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Mesa experiencing the fastest growth (+5.1%).
- Tempe, Chandler, and Gilbert have all experienced year-over-year growth above the state average (4.9%, 4.7%, and 4.5%, respectively).
Tucson rents still more affordable than most other large cities nationwide
As rents have increased slightly in Tucson, a few similar cities nationwide have also seen rents grow modestly. Tucson is still more affordable than most comparable cities across the country.
- Tucson’s median two-bedroom rent of $950 is below the national average of $1,192. Nationwide, rents have grown by 1.4% over the past year compared to the 1.8% increase in Tucson.
- While Tucson’s rents rose slightly over the past year, many cities nationwide also saw increases, including Dallas (+2.2%), Seattle (+1.8%), and DC (+1.6%).
- Renters will find more reasonable prices in Tucson than most other large cities. For example, San Francisco has a median 2BR rent of $3,088, which is more than three times the price in Tucson.