Jun 13, 2023 - Real Estate
What $1,500 gets you in rent in metro Phoenix
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If you can find an apartment for less than $2,000 per month, chances are it's going to be awfully cozy.
State of play: A monthly rent of $1,500 can get you a 772-square-foot apartment in Phoenix, per a new report from listing service RentCafe.
- You can get slightly more bang for your buck if you head for the suburbs or down south to Tucson.
The big picture: The rental market is thriving because homes for sale are limited and interest rates are high. Gen Zers are also prioritizing location over home size, Doug Ressler of real estate research firm Yardi Matrix tells Axios.
- Those renters are influencing development in big cities, from smaller floor plans to next-level amenities and conveniences.
Reality check: Rent is rising faster than income nationwide.
- The median U.S. renter is spending close to 30% of their monthly income on an average rent, per the latest report from Moody's Analytics, an economic research firm.
Yes, but: It's still cheaper to rent than buy in the vast majority of the country, a new Redfin report shares.