Student rents climb slower than Valley market
Add Axios as your preferred source to
see more of our stories on Google.
It's getting pricier for ASU students to find housing, but they can at least take solace that their rents aren't rising quite as much as everyone else's in the Valley.
Why it matters: Expensive student housing adds to the already-high cost of college life.
The big picture: On average, student rents grew slower than market-rate rents in the Phoenix metro area over the past five years, according to Moody's data shared with Axios.
By the numbers: Average student rents grew by 29.2% from 2020 to 2025 in the Valley, while average market-rate rents jumped 31.6%.
- The disparity was even greater for Arizona's other two major universities — market-rate rent in the Tucson area, home to UofA, jumped by 38% compared to 28.6% for student housing, while Flagstaff rents went up 32.8% compared to 27.% for NAU students.
Zoom out: Nationally, rent growth for market-rate apartments has been outpacing that of student housing, says Ricardo Rosas, Moody's associate data scientist.
- However, over the past five years, roughly 24% of 140 colleges and universities analyzed saw student rents grow faster than market-rate rents.
Between the lines: When rents rise in a metro area, student housing tends to follow, research suggests.
- Strong demand to live near campus instead of elsewhere in the area can also keep student rents high.
- So can luxury apartments (think: saunas, yoga studios and infinity pools), which have moved into many student housing markets.
The bottom line: "While multifamily rents continue to command higher rates, the rapid growth in student housing rents is creating a mounting affordability crisis for students," according to a recent Moody's analysis.
- The financial strain could limit access to higher education, especially for lower-income students.