Rent in the Phoenix area is still high and a new report by Zumper shows it jumped nearly 13% within the last year. But despite that, experts say the numbers are optimistic.
The report looked at about 1,500 homes for rent in Arizona, showing rent climbed nearly 13% between January 2022 and January 2023.
Bullhead City saw the biggest spike at nearly 31%, although the cost for a one-bedroom apartment there remains low compared to other Arizona cities.
Flagstaff saw the third-highest jump, increasing about 9% within the last year.
Crystal Chen with Zumper says while most cities saw a spike in rent, it was not as high compared to a few years ago. She says demand is going down, as prices remain high and fewer people are moving.
"Consumers are really tightening their wallets and they are rethinking their living situations, so migrations are beginning to flatten as a lot of Americans hunker down until they feel more confident in the economy," Chen said.
Chen says the winter months are when you typically see the lowest rent prices. She says things may pick back up in the summer, but not nearly as much as the last two years.
