A new study from Rentometer shows that in the third quarter of 2024, families paid an average of $3,986 a month to rent a single-family home in Scottsdale. Not only is that a 9% increase from a year ago, but it’s also the highest average rent price for a three-bedroom home in the entire Southwest.
Scottsdale isn’t alone in experiencing rent hikes, however.
Flagstaff also made it onto Rentometer’s list of the top 10 cities in the region by average rent price, ranking third. Flagstaff families pay an average of $3,048 a month for a three-bedroom home, up 7% from last year. Three other Arizona cities — Apache Junction, Tucson and Marana — also saw 7% increases in single-family rent prices year over year.
The rest of the cities in Rentometer’s top 10 are in Texas and New Mexico, including Santa Fe at number two, Dallas at number five and Austin at number eight. But renters in several other Arizona cities have seen notable cost increases in the last year.
Single-family homes in Prescott and Tempe rent for about $2,700 a month, a slight increase for both municipalities. Prescott rents increased 1%, and Tempe rents jumped 4% from last year. While rents aren’t as high — and the location isn’t as popular — Bullhead City also saw a significant 8% increase in rent prices compared with 2023. A single-bedroom home in Bullhead City, which borders Nevada and almost touches California, rents for almost $2,000 a month.
Not every Arizona locale saw rent hikes, though. The study identified seven Arizona cities that experienced rent decrease — even if only slightly — from last year.
Yuma saw a 6% decrease in rent prices for single-family homes, down to $1,664 a month on average. In the Valley, rent prices in Buckeye and Gilbert dipped 2%, while Sahuarita, Maricopa, Tolleson and Lake Havasu City rents dropped by 1%.
Here are the 10 Arizona cities with the highest average monthly rents for a single-family home.
- Scottsdale: $3,986, up 9%
- Flagstaff: $3,048, up 7%
- Prescott: $2,693, up 1%
- Tempe: $2,650, up 4%
- Chandler: $2,519, up 3%
- Phoenix: $2,436, up 5%
- Gilbert: $2,388, down 2%
- Peoria: $2,361, no change
- Glendale: $2,330, up 6%
- Mesa: $2,317, up 1%
