TUCSON, ARIZONA -- Apartment Lists is reporting Tucson rents have increased 0.7% over the past month, and are up sharply by 20.5% in comparison to the same time last year. Currently, median rents in Tucson stand at $970 for a one-bedroom apartment and $1,276 for a two-bedroom. The city's rents have been increasing for 24 straight months - the last time rents declined was in May 2020. Tucson's year-over-year rent growth leads the state average of 19.3%, as well as the national average of 15.3%.
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 that we have data for in Arizona, all of them have seen prices rise. The state as a whole logged rent growth of 19.3% 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, Surprise is the most expensive of all Arizona's major cities, with a median two-bedroom rent of $1,857; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Glendale experiencing the fastest growth (+22.5%).
- Mesa, Phoenix, and Tucson have all experienced year-over-year growth above the state average (20.9%, 20.5%, and 20.5%, respectively).
Tucson rents still more affordable than many comparable cities nationwide
As rents have increased sharply in Tucson, a few other large cities nationwide have seen rents grow more modestly. Tucson is still more affordable than most similar cities across the country.
- Tucson's median two-bedroom rent of $1,276 is slightly below the national average of $1,320. Nationwide, rents have grown by 15.3% over the past year compared to the 20.5% rise in Tucson.
- While Tucson's rents rose sharply over the past year, many cities nationwide also saw increases, including New York City (+29.5%), Miami (+26.5%), and Dallas (+17.4%).
- Renters will find more reasonable prices in Tucson than most other large cities. For example, San Francisco has a median 2BR rent of $2,592, which is more than twice the price in Tucson.
