With the first full month of 2021 data in the books, our rent estimates are showing that COVID’s impact on the market is continuing to stabilize, according to Apartment List. Our national index ticked up by 0.1% from December to January, the first monthly increase that we’ve seen since last August.
Although the data continue to show significant regional variation, the markets that have been most heavily impacted by the pandemic are beginning to enter calmer waters. In the pricey coastal metros where rents have been plummeting, this month’s data implies that we may have reached the bottom. At the other end of the spectrum, many of the mid-sized markets that have seen rents grow rapidly through the pandemic have seen just modest increases this month.
Tucson rents increased over the past month. In this report, we'll evaluate trends in the Tucson rental market, including comparisons to cities throughout the state and nation.
Tucson rents increase sharply over the past month
Tucson rents have increased 0.8% over the past month, and have increased sharply by 7.1% in comparison to the same time last year. Currently, median rents in Tucson stand at $825 for a one-bedroom apartment and $1,103 for a two-bedroom. This is the eighth straight month that the city has seen rent increases after a decline in May of last year. Tucson's year-over-year rent growth leads the state average of 5.2%, as well as the national average of -1.2%.
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 5.2% 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, Scottsdale is the most expensive of all Arizona's major cities, with a median two-bedroom rent of $1,561; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Surprise experiencing the fastest growth (+8.4%).
- Gilbert, Glendale, and Tucson have all experienced year-over-year growth above the state average (8.4%, 7.5%, and 7.1%, respectively).
Tucson rents more affordable than many other large cities nationwide
As rents have increased sharply in Tucson, other large cities nationwide have seen rents grow more modestly, or in some cases, even decline. Tucson is still more affordable than most comparable cities across the country.
- Tucson's median two-bedroom rent of $1,103 is slightly above the national average of $1,092. Nationwide, rents have fallen by 1.2% over the past year compared to the 7.1% increase in Tucson.
- While Tucson's rents rose sharply over the past year, the city of Detroit also saw an increase of 1.1%.
- Renters will find more reasonable prices in Tucson than most similar cities. For example, San Francisco has a median 2BR rent of $2,294, which is more than twice the price in Tucson.
For more information check out our national report. You can also access our full data for cities and counties across the U.S.