If your Phoenix apartment has been feeling a little stuffy, I have good news. Rents have been falling, and now’s a good time to shop around to see if you can afford more space.
A new report from RentCafe found that a $1,500 budget can get a renter more square footage in the Valley compared to a year ago. (While the report chose this number to analyze, the average apartment rent in Phoenix is $1,374. It’s higher than $1,500 for houses and townhomes.)
Interestingly, this hasn’t been the trend for the rest of the country. Out of 200 cities in the report, renters in 128 could afford less square footage this year.
To be clear, though, the gains that the Phoenix area has seen aren’t huge. Veronica Grecu, RentCafe real estate researcher and senior writer, told Rent Check PHX that renters may be able to afford “a slightly bigger version of the same type of apartment,” but not necessarily jump from a one-bedroom to a two-bedroom.
“This is a good time to shop around, compare the price per square foot across neighborhoods and negotiate at renewal,” Grecu said. “While [renters] shouldn’t expect to upgrade to a much larger apartment on the same budget just yet, the current market gives renters more leverage to explore their options and see where their money goes the farthest across the metro area.”
Which cities saw the biggest gains
Glendale renters are able to afford 15 more square feet with a $1,500 rent than they could last year, the highest increase in the Phoenix area. Peoria and Surprise saw the next largest gains with 12 square feet and 11 square feet, respectively.
Here are the rest of the Valley cities’ gains (and losses) included in the report:
- Mesa: 8 square feet
- Tempe: 5 square feet
- Chandler: 3 square feet
- Phoenix: 3 square feet
- Gilbert: -1 square foot
- Scottsdale: -9 square feet
Where renters get the most bang for their buck
A $1,500 budget unlocks the most space in Peoria, with an average of 885 square feet, which could be a one- or two-bedroom apartment.
For comparison, the city that topped the report’s list was McAllen, Texas, where $1,500 a month can get you 1,378 square feet. And on the other end of the spectrum, in Manhattan, New York, that budget would get you 210 square feet.
Here’s how much space you can get for $1,500 a month in other Valley cities:
- Glendale: 880 square feet
- Surprise: 877 square feet
- Mesa: 853 square feet
- Chandler: 832 square feet
- Gilbert: 824 square feet
- Phoenix: 820 square feet
- Tempe: 730 square feet
- Scottsdale: 683 square feet
In the end, rent is still tough to afford for many Valley residents. Although the cost has fallen, rents are still high above what they were before the COVID-19 pandemic.
But with the way the numbers are moving, it may be worth checking out some listings if you’d like to upgrade.
