PHOENIX — The Valley's real estate market may be frozen, but the rental market is seeing steady and consistent price drops. That is, as long as renters are looking for apartments and not single family homes.
The rental tracking site apartmentlist.com reports average rents in the Valley were $1,376 in September. That's a 4.4% decline from last year, and a nearly 12% drop from the peak year of 2022.
Rent on single family homes is a different story. While rents are no longer hiking as they were after the COVID-19 pandemic, they remain on a steady climb.
ABC15 data analyst Garrett Archer takes a deeper look insider the numbers on rent prices in the video player above.
