Phoenix-area seeing rent prices decrease in the last year

PHOENIX (3TV/CBS 5) -- Rent prices around the Valley are dropping currently. The cost of rent increased for more than a year, which priced some people out of their units. A new study from Rent.com shows rent prices have dropped four percent in the last year, the fourth largest drop in the country.

Last year, Apartments.com shared research that showed cities like Phoenix and Scottsdale had some of the highest rent increases. It went up by as much as 30% year to year. “I hope we are seeing a slow down in what will eventually be a downturn in rental costs,” Director of Healthy Communities Vitalyst Health Foundation Gabriel Jaramillo said. “There’s families that are still getting priced out on an annual basis.”

Jaramillo says there are many factors to the rent starting to dip in the Valley. He says as more complexes are built, people will have more options, which will drive down the rent cost. However, he doesn’t expect a major drop anytime soon. “It just went so high. To see it level off is nice, but we need it to come down to make the average apartment affordable,” Jaramillo said.

The median price for a rental in Phoenix is $2,071. For comparison, the median price in Los Angeles, California, is $3,361.

Copyright 2023 KTVK/KPHO. All rights reserved.