PHOENIX — A new report from rental company Zumper shows rental prices are falling in most major US cities, with Phoenix among the markets seeing significant declines.
The Valley is down 6.3% this year according to the report, which is part of a broader trend impacting more than 3/4 of the top 100 rental markets nationwide. The average one-bedroom apartment now costs $1,448 per month, down 3% from last year.
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Within the Valley, Mesa shows the steepest drop, with two-bedroom apartments down almost 10% to approximately $1,400 per month. Glendale's cost per month fell 8%, while Phoenix dropped 2.6%.
The declining rents come as more than 8 in 10 renters express uncertainty about the economy, with over 6 in 10 believing the country is already in a recession. About the same number of renters are "rent burdened," spending more than 30% of their income on housing.
The data also reveals shifting attitudes toward homeownership, with 1/3 of renters now saying it's not necessary for the American Dream, which is up from about one in four renters in 2021.
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