It just got cheaper to rent in Scottsdale and Glendale. Here's how much you'll pay
While mortgage rates have remained high, renters have stayed put or delayed their plans to purchase homes.
These trends have contributed to a leveling out of rental rates across the country over the last year. However, a new report says this highly depends on where you live in the U.S.
Zumper's February rent report details how much renters can expect to pay in 2024. The report looks at over a million active listings in the 100 largest cities in America – including Arizona.
Valley cities like Scottsdale and Glendale showed a significant decrease in rent rates. Scottsdale experienced a 14 percent drop to an average cost of $1,680 for one-bedroom rentals, breaking into the top five behind Irving, Texas, and Albuquerque, New Mexico, at 15 percent. A two-bedroom rental in Scottsdale fell 18% to $2,200.
In Glendale, the average cost for a one-bedroom dropped by 9 percent, falling to $1,220. Similarly, the cost of a two-bedroom apartment fell by 13 percent, landing at $1,450.
Other measured cities in Arizona include Tucson and Gilbert, which did not see a percent change, and Mesa, which saw a 5 percent drop in one-bedroom apartments. By contrast, rates for two-bedroom apartments rose nearly 12 percent in Gilbert and almost 5 percent in Tucson. Mesa saw an approximate dip of about 8 percent in two-bedroom rates.
The national rate fell as a whole by 0.7 percent from February 2023 to February 2024. By contrast, the same rate for two bedrooms increased by 0.7 percent.
Why are rent prices dropping?
A report from Zumper, the rental finder, links the drop in rent prices to several contributing factors happening across the country.
Localized factors such as new constructions in the Western United States, "are seeing rents drop due to new supply, the national rates are being stabilized by the rent hikes in low-supplied Midwest and Northeast cities," according to the report.
Where have rent prices dropped the most?
Winston-Salem, North Carolina
Greensboro, North Carolina
Albuquerque, New Mexico
Irving, Texas
Scottsdale, Arizona
Oakland, California
Augusta, Georgia
Austin, Texas
Dallas, Texas
San Antonio, Texas
Have a question you need answered? Reach the reporter at rromeroruiz@gannett.com. Follow him on X, formerly Twitter: @raphaeldelag.
This article originally appeared on Arizona Republic: Homes for rent in Scottsdale, Glendale are a lot cheaper in 2024
