By Catherine Reagor | Arizona Republic
Phoenix-area tenants struggling with big rent hikes during the past few years may finally get a bit of a break.
Metro Phoenix led all major U.S. cities for rent increases in 2021, but now it’s at the bottom of the list with the biggest decrease.
The average Valley apartment rent fell 2% during the past year, according to research firm Yardi Matrix. That’s more than any other U.S. city. Las Vegas, the only other city that didn’t post an increase, saw rents dip by 1%.
The cooldown comes after the average metro Phoenix rent shot up 30% in 2021, and the area led the nation for inflation.