By Catherine Reagor | Arizona Republic
Metro Phoenix renters could get a break when they sign a lease now.
After leading the U.S. for rent increases in 2021 and early 2022, the Valley is now nearly leading the nation for drops in what tenants pay landlords.
The average rent in the Phoenix area is down more than 3% from July 2022, according to research firm Yardi Matrix. Only Las Vegas had a bigger drop with a 3.5% rent dip.
Tenant advocates say now is the time to negotiate in many areas of the Valley but not all. Two years ago, there was little chance of getting a better rent deal as monthly apartment costs skyrocketed 30%.
Airbnb has also delved into the apartment rent mix with a program that lets tenants at some Phoenix-area apartment buildings sublease to people for short terms to make some cash. But it depends on the area of the Valley and the complexes whether renters can find deals for the apartments.
Metro Phoenix’s overall average rent was $1,633 at the end of June, reports ABI Multifamily. That’s $40 less than a year ago. The average rent is for all apartments. One- and two-bedroom units make up about 70% of metro Phoenix rentals.
