Rent prices are roughly holding steady this year, the result of a large influx on new units hitting the market, according to a report from Zumper, a digital marketplace for renters and property managers.
A one-bedroom dwelling for rent in Arizona will run you about $1,243 a month as of the end of July,. That rate is up slightly from June ($1,231 a month), but down slightly from January ($1,249 a month).
“Most submarkets across the Phoenix metro are still seeing year-over-year rent declines,” said Crystal Chen, media relations director for Zumper, in an e-mail. “The bigger story is supply. Phoenix is still working through one of the strongest apartment construction waves in the country, having added more than (27,000) new rental units annually as of last summer.
