Jun 13, 2023 - Real Estate

What $1,500 gets you in rent in metro Phoenix

Data: RentCafe analysis of Yardi Matrix data; Note: Analysis includes 200 largest U.S. cities; Chart: Axios Visuals
Data: RentCafe analysis of Yardi Matrix data; Note: Analysis includes 200 largest U.S. cities; Chart: Axios Visuals

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.

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.

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