Scottsdale breaks top 10 for highest one-bedroom rent prices
SCOTTSDALE, AZ (3TV/CBS 5) - According to a new report published by Zumper, Scottsdale rounded out the top 10 for the highest one-bedroom median prices for February 2022. Scottsdale’s median rent came in at $1,950. Several other Arizona cities made the overall list, including Chandler, Gilbert, Mesa, Phoenix, and Glendale.
Scottsdale was the only Arizona city to break the top 10. However, five California cities were among the top 10, including San Francisco taking the number two spot on the list. San Francisco totaled a median price of $2,930 for a one-bedroom apartment. Taking the top spot was New York City, breaking the $3,000 threshold.
Realtor Terry Yetter says Scottsdale is a destination. The WM Phoenix Open, Barrett-Jackson car auction, plus concerts and food and drinks in Old Town attract people to live. People are willing to pay up for higher rent prices. “With Scottsdale, it seems kind of uncontrollable,” said Yetter. “There is a lot of appeal to what Scottsdale is bringing. I’ve always thought it was a matter of time before we hit the top ten destinations.”
Zumper’s National Index for a median one-bedroom rent posted an all-time high in February. According to Zumper, Phoenix is seeing as much as 30% year-over-year rent growth, among the highest in the nation. Chandler and Phoenix were among the top five risers for one-bedroom rent, according to Zumper. Chandler posted a median rent price of just over $1,600, and Phoenix posted over $1,200. To read the full report, visit zumper.com.
Yetter says rent prices have been increasing for months. He’s talked to people who had their rent go up to $400 a month this year for the same place. He says there is no end in sight for the increasing prices. “Even though you’re charging this astronomical rate, you’re still full. As long as people need a roof over their head, they’re going to do it,” he said.
Scottsdale one-bedroom rent prices among highest in nation
In a previous story by the Associated Press, eviction filings in Maricopa County reached the highest level in nearly two years. January recorded more than 5,000 eviction filings, the first time since February 2020. Maricopa County announced $39 million in emergency rental assistance, which can be used to pay rent and utilities. For more information on how to apply for assistance, visit maricopa.gov. The list of median prices for one and two-bedroom apartments is below.
Average one-bedroom prices among Arizona cities
- Scottsdale: $1,950
- Chandler: $1,610
- Gilbert: $1,560
- Mesa: $1,230
- Phoenix: $1,220
- Glendale: $1,200
- Tucson: $880
Average two-bedroom prices among Arizona cities
- Scottsdale: $2,530
- Gilbert: $1,830
- Chandler: $1,790
- Mesa: $1,550
- Phoenix: $1,530
- Glendale: $1,480
- Tucson: $1,200
Josh Riddle with eXp Realty says he is unfortunately not surprised about these rent prices.
“We didn’t really anticipate prices to surge in the real estate market the way they have over the last two years,” Riddle said. “Twenty-five percent over the last two years, each year, has really impacted not only the resale market but also the rental market with everyone wanting to come down to Arizona with favorable weather and great retirement conditions and all the great things that make our state amazing. It doesn’t surprise me to see prices this high.”
“Honestly I don’t see it slowing down. It feels like we have been under building since our last market crash and now that everyone has caught up and interest rates are so favorable, we are well behind in regards to inventory so I don’t see this demand slowing down anytime soon.”
“With these prices as high as they are and where we are with inflation, it makes it incredibly difficult for these first-time homebuyers or people that just want to move out and start living on their own to rent or buy.”
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