Here’s some great news if you’re looking to rent a Phoenix apartment: the average rent for an apartment is on the decline across the nation, and Phoenix is one of the cities leading the way in this trend.
According to an article in Bloomberg BusinessWeek, the rent paid by tenants (which tends to be slightly lower than the rent asked by landlords due to haggling) fell by 1.5 percent, to an average of $967, when compared to similar data collected a year earlier. The rent asked by landlords took a similar dip, decreasing by 1.6 percent to $1,027.
Another trend reported in the BusinessWeek article is the current rate of apartment vacancy, which has remained steady at 8 percent. Still, this value represents the highest level of vacancy since such data began being tracked by Reis Inc., the supplier of all this data.
The twin developments of high apartment vacancy and falling rents can be attributed to a weakened economy. However, it also represents a potential boon for those on the market to rent an apartment. This holds even more true in cities like Phoenix, where these trends might be even more pronounced.
The other leaders in actual rent decline were, like Phoenix, metropolises of the West, with San Jose, Las Vegas, Seattle, and San Francisco all taking steeper dips. Cities where rent increased the most, on the other hand, include Dayton, Colorado Springs, Washington, D.C., and San Antonio.
Phoenix is an indisputably great town, but no city is everybody’s cup of tea. If you’re looking for an apartment for rent in a different place, you might want to try looking at Dallas apartments, Austin apartments, or Seattle apartments, all of which would situate you in a dynamic, growing city. Of course, these are just a few of the locations you can browse using our apartment search tools. Best of all, if you find a new apartment using our tool, you can earn up to $200 in apartment rewards.