The median apartment rental asking price rose 1.8% year over year in Phoenix, a recent Redfin report shows.
The median rent asking price in Phoenix in September was $2,043. While rents in the Phoenix area have climbed sharply in recent years, it’s still well below the median rent found in the priciest cities in the U.S.
The cities with the highest median rents were, in order: New York ($4,176), San Francisco ($3,807), Boston ($3,731), San Jose ($3,611), Los Angeles ($3,469), San Diego ($3,441), Miami ($3,080) and Seattle ($2,972).
The median U.S. asking rent rose 9% year over year in September to $2,002, the slowest growth since August 2021 and the first single-digit increase in a year. September was the fourth-consecutive month in which annual rent growth decelerated, with rents climbing at half the pace they were six months earlier.
“The rental market is coming back down to earth because high rents and economic uncertainty have put an end to the pandemic moving frenzy of 2020 and 2021, when remote work fueled an enormous surge in housing demand that would’ve otherwise been spread out over the coming years,” said Redfin Deputy Chief Economist Taylor Marr. “Rising supply is also causing rent growth to slow. Scores of apartments that have been under construction are now coming on the market, and more homeowners are choosing to become landlords instead of selling in order to hold on to their record-low mortgage rates.”
The cities with the highest year-over-year median rent percentage growth were, in order: Oklahoma City (24.1%), Pittsburgh (20%), Indianapolis (17.9%), Louisville (17.5%) and Nashville (17%).
Five of the 50 cities measured had year-over-year median rent declines. They were: Milwaukee (-14.3%), Baltimore (-8.8%), Minneapolis (-2.8%, Houston (-0.6%) and Chicago (-0.5%).