Rents drop more than 7% in these Phoenix areas; Fountain Hills now the priciest

Rents drop more than 7% in these Phoenix areas; Fountain Hills now the priciest

By Catherine Reagor

Renters in the Phoenix area are getting some relief from rising housing costs.

Rents dropped in seven metro Phoenix communities during the past year and fell more than 7% in three areas: Scottsdale, Gilbert and Glendale, according to apartment research firm Zumper.

Also, Fountain Hills beat out Scottsdale to become the priciest Phoenix-area community to rent.

After a 30% run-up in rents during 2021-22, tenants' costs are falling as more apartments are built and temporary pandemic residents leave the Phoenix area.

Here's a rundown of how metro Phoenix's median one-bedroom rents dropped in specific communities during the past 12 months ending in May:

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Metro Phoenix rents typically fall during the summer as the area heats up. Many out-of-state students go home, and winter visitors leave for cooler climes.

But nationally apartment analysts say rents aren’t likely to keep falling due to the strong job market.