By Kate Tracy and Jeff Gifford
The Phoenix metro’s median rent has increased by 45.6% in the past year, ranking the Valley at No. 38 in a list of the most expensive cities in the U.S., according to a recent nationwide rent report.
But it was another Arizona city that saw the highest rate of rent growth in the nation over the past year. Tucson’s rent prices surged by a whopping 124%, soaring to an average of $1,980 in August — which was $1,096 more than a year earlier — according to a new report from Dwellsy, a rental listing company based in Los Altos, California.
The median asking rent in August for Phoenix-area tenants was $2,350, and that was up $736 from a year earlier.
New York led the list with the most expensive median asking rent at $3,021 and a 19.7% increase year over year. Boston and San Jose, California, tied for the second most expensive cities in the country, at $3,000.
The good news nationwide, according to Dwellsy, is that rental rate increases are generally lower than they have been in recent months.
Despite Tucson’s huge jump in rents, it was only the 73rd most expensive city in the U.S. Besides Phoenix and Tucson, two other Arizona cities also were among the top 100 in Dwellsy’s list of cities with the most expensive rents.
Prescott came in at No. 59 after its rent prices jumped by 16.7%, or $300, to end up at an average of $2,100. In Flagstaff, rents only rose by 5.3%, but the city was the 67th most expensive in the nation at $2,013.
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