Apartments in Moon Valley Phoenix

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3D Tour
$1,569
11626 North 21St Drive Phoenix, AZ
3 BR | Ask for Availability
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37
$1,495 - 1,595
Phoenix, AZ
2 - 3 BR | May. 10, 2024
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47
$1,900
1920 E Bell Rd Unit 1193 Phoenix, AZ
2 BR | Available Now
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15
$1,395
2015 W Cactus Rd Phoenix, AZ
2 BR | May. 6, 2024
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10
$1,195
1735 W Cortez St Phoenix, AZ
2 BR | Available Now
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16
$1,975
Phoenix, AZ
3 BR | Available Now
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Phoenix:
May Rent Report

Welcome to the May 2024 Phoenix Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 2024 key findings and figures for the Phoenix rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Phoenix and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Phoenix average rent prices in the chart below.

Monthly Rent Report

$1,700
$1,280
$850
$430
$0
Jun. 2023
Jul. 2023
Aug. 2023
Sep. 2023
Oct. 2023
Nov. 2023
Dec. 2023
Jan. 2024
Feb. 2024
Mar. 2024
Apr. 2024
May. 2024
1 BR       2 BR

Phoenix Rent Prices Increase From April to May

Phoenix rent prices increased over the last month. From April to May, the city experienced a 1.46% increase for the price of a one-bedroom apartment. The rent price for a Phoenix one-bedroom apartments currently stands at $1,321.0.

When we take a look at the two-bedroom comparison from April to May, Phoenix experienced a 0.5% increase for the price of a two-bedroom apartment. The rent price for a Phoenix two-bedroom apartments currently stands at $1,607.0.

May Prices: Phoenix vs. Surrounding Areas

Scottsdale, AZ
Casa Grande, AZ
Gilbert, AZ
Chandler, AZ
Tempe, AZ
Mesa, AZ
Phoenix, AZ
Glendale, AZ
$1,916
$1,814
$1,701
$1,655
$1,519
$1,432
$1,302
$1,277
$0
$650
$1,300
$1,950
$2,600
Median 1 BR Rent

Rent Prices in Phoenix and Surrounding Areas

Rent prices have increased in Phoenix over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 4 of the Phoenix suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in Scottsdale, AZ, Chandler, AZ, Casa Grande, AZ, Gilbert, AZ .

  • Rent decreased in Mesa, AZ, Tempe, AZ, Glendale, AZ.

  • 6 suburbs are currently priced higher than the city of Phoenix.

  • 1 suburb is currently priced lower than the city of Phoenix.

May 2024 Pricing Trends: Phoenix vs. National Comparisons

New York, NY
San Francisco, CA
Washington, DC
Los Angeles, CA
Chicago, IL
Phoenix, AZ
Columbus, OH
Minneapolis, MN
Pittsburgh, PA
$4,056
$3,039
$2,377
$2,336
$1,913
$1,302
$1,300
$1,283
$1,178
$0
$1,350
$2,700
$4,050
$5,400
Median Rent

Phoenix Rent Prices More Affordable Than Major Cities

Rent growth in Phoenix over the past year has been on the rise. When compared to major cities nearby, along with some of the most expensive cities in the country, Phoenix average rent prices appear to be relatively affordable for local residents.

The price for a Phoenix one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Phoenix and surrounding area rent prices, take a look at the complete data set below.

Data set for Phoenix and suburbs

1 BR May 1 BR M/M % Change 2 BR May 2 BR M/M % Change
Phoenix, AZ $1,302.0 0.00% $1,599.0 -0.44%
Mesa, AZ $1,432.0 -0.90% $1,711.0 -0.35%
Scottsdale, AZ $1,916.0 3.12% $2,265.0 2.44%
Tempe, AZ $1,519.0 -0.20% $1,819.0 -0.22%
Glendale, AZ $1,277.0 -0.62% $1,560.0 -0.89%
Chandler, AZ $1,655.0 1.53% $1,836.0 0.16%
Casa Grande, AZ $1,814.0 7.66% $2,066.0 1.18%
Gilbert, AZ $1,701.0 0.18% $2,043.0 -0.29%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.