By Nadia Balint
Arizona’s rent heatmap is red hot in the Phoenix area, according to a recent report released by RENTCafé which ranks zip codes by how expensive rents are. More specifically, the highest average rent in Arizona can be found in zip code 85003 in central Phoenix – $1,576/month – a pricey deal considering that the average rent in the entire state is around $950/month.
Apartments in adjacent zip codes 85003 and 85004, covering the downtown area and a portion of the surrounding Central City Phoenix and Encanto, score average prices well above $1,500, while apartments in zip code 85045 are in third place with an average price of $1,423/month. To compare these figures to what renters pay at the national level, only six Arizona zip codes have rent prices above the national average of $1,316. In conclusion, Arizona remains one of the more affordable states for renters.
The inventory of new apartments in 85003 and 85004 has increased by leaps and bounds since last year, adding 53 percent and 85 percent more apartments, respectively, which in turn slowed rent growth in the two urban core zip codes to just 1 percent and 2 percent year-over-year, respectively.
Zooming out to the County level, Maricopa dominates the map with 45 of the top 50 zip codes where Arizona renters pay the highest prices for leasing apartments. Rentals in Tucson are the most expensive outside of Maricopa County, specifically those in zip code 85701 where the average monthly rent price is $1,186.