Average rent in Tempe

Average rent in Tempe,AZ

The average rent in Tempe, AZ has been steadily increasing over the years. In 2018, the average rent per month was $1,200. However, in 2019, the rent increased to $1,350 per month. Moreover, in 2020, the average rent skyrocketed to $1,500 per month, ensuring that people were paying an additional $150 every month. Furthermore, projections suggest that the average rent in 2023 might rise to $1,750 per month, which will be significantly higher than in previous years. Therefore, it is crucial that individuals who are searching for homes in Tempe, AZ, consider the increasing average rent when making their decisions.

Average rent in Tempe,AZ for 1-bedroom

By 2023, the average rent for a 1-bedroom apartment in Tempe, AZ is projected to be $1,228, according to recent reports. This amount represents a notable increase from the previous year’s average rent, which was $1,400. In fact, the average rent in Tempe for a 1-bedroom has been steadily climbing upward over the past few years. In 2019, the average rent was $1,230, followed by $1,340 in 2020. While the increase may be discouraging for some prospective renters, it’s important to note that these higher rates reflect the desirability of the city and the opportunities available. Ultimately, finding a suitable living space at an affordable price will depend on individual circumstances and a willingness to explore different options.

Average rent in Tempe,AZ for 2-bedroom

In terms of the average rent in Tempe, AZ for a 2-bedroom apartment, there has been a steady increase over the past few years. In 2023, the average rent is projected to be $1,600 per month, representing a 5% increase from the previous year. Looking back even further, the average rent in Tempe was only $1,200 in 2015, indicating a substantial 33% increase over the course of just 8 years. Despite this upward trend, it’s worth noting that Tempe’s average rent is still relatively affordable compared to other cities in the region.

Average rent in Tempe,AZ for 3-bedroom

The average rent in Tempe, AZ for a 3-bedroom apartment is projected to increase by 5% in 2023. This marks a significant rise from the previous year, where the average rent was $1,800. Looking back to 2019, the average rent was $1,500, indicating a sharp increase in the cost of housing. Despite the increasing rent prices, many residents are still attracted to the area for its bustling college town environment and proximity to major attractions in the Phoenix area. However, prospective renters should be aware of the rising costs when considering a move to Tempe.

Average rent in Tempe,AZ for studio

In 2023, the average rent in Tempe, AZ for a studio apartment will increase by 5% compared to the previous year. Despite this increase, the overall trend shows a steady rise over the past five years. In 2018, the average rent for a studio in Tempe was $900, which increased to $950 in 2019 and further rose to $1,000 in 2020. In 2021, the average rent spiked to $1,150, and by 2022 it was $1,250. Looking ahead, renters can expect to pay an average of $1,313 per month in 2023 for a studio apartment in Tempe.

Average rent in Tempe,AZ for townhouse

The average rent for a townhouse in Tempe, AZ has steadily increased over the past few years. In 2023, the average rent is projected to reach $1,500 per month, which is significantly higher than the $1,200 per month in 2018. Additionally, the average rent in 2023 is also expected to be slightly higher than the $1,450 per month average in 2022. Despite the slight increase, Tempe still remains an affordable place to live compared to neighboring cities such as Scottsdale, where the average rent for a townhouse is $2,000 per month. Overall, while the rent in Tempe is on the rise, it still remains a desirable and affordable place to call home.

Most expensive neighborhoods in Tempe,AZ

Tempe, AZ is a city that boasts several lavish neighborhoods. The most expensive neighborhoods in the city include the Maple-Ash neighborhood, which is home to a mix of historic homes and newer luxury condominiums, with a median price of $562,000. Another top neighborhood in terms of value is the Circle G Ranches, where houses tend to be larger and feature beautifully manicured lawns, and property values can easily reach $2 million or more. Lastly, the Broadmor neighborhood is also known for its high-end homes, with an average sale price of around $600,000. These neighborhoods offer a wide array of amenities and are popular among those who are looking for luxurious living spaces.

Most affordable neighborhoods in Tempe,AZ

Tempe, AZ is a vibrant city with numerous residential neighborhoods to choose from. If you’re on a tight budget, there are several affordable neighborhoods you can consider, including Shalimar, Pepperwood, and Broadmor. Shalimar is an established neighborhood located near Arizona State University, and it boasts a mix of single-family homes and apartment complexes, making it a popular choice for students and families. Pepperwood is an affordable neighborhood with mostly single-family homes and townhouses, while Broadmor offers small to medium-sized homes and is situated close to Tempe Town Lake and Papago Park. These neighborhoods offer budget-friendly options for those looking for the perfect place to call home in Tempe.

Most popular neighborhoods in Tempe,AZ

Tempe, Arizona is home to several popular neighborhoods that cater to a diverse range of lifestyles. Some of the most sought-after areas in the city include Downtown Tempe, which is known for its vibrant nightlife and art scene, and the quiet and family-friendly neighborhoods of Kiwanis Park and The Lakes. For students and young professionals, the neighborhoods surrounding Arizona State University, such as North Tempe and the East Valley, offer convenient access to campus and a variety of amenities. Overall, Tempe offers a range of different neighborhoods that cater to residents of all ages and interests.

Comparison with other cities

1. Phoenix, AZ – $1,150
2. Mesa, AZ – $1,118
3. Chandler, AZ – $1,435
4. Glendale, AZ – $1,178
5. Tucson, AZ – $937
6. Scottsdale, AZ – $1,663
7. Gilbert, AZ – $1,469
8. San Diego, CA – $2,049
9. Los Angeles, CA – $2,441
10. Las Vegas, NV – $1,107
11. Denver, CO – $1,650
12. Austin, TX – $1,437
13. Seattle, WA – $2,051
14. Portland, OR – $1,383
15. Chicago, IL – $1,796

FAQ

Q: What is the average rent in Tempe, AZ?
A: As of 2023, the average rent for a one-bedroom apartment in Tempe, AZ is approximately $1,216 per month, while a two-bedroom apartment costs around $1,620 per month.

Q: Have rental prices gone up or down in recent years in Tempe, AZ?
A: Rental prices in Tempe have been steadily increasing over the past few years. In 2020, the average rent for a one-bedroom apartment was around $1,100 per month, while a two-bedroom apartment cost around $1,450 per month. Therefore, the rental prices in Tempe have gone up from 2020 to 2023.

Q: What factors impact rental prices in Tempe, AZ?
A: Rental prices in Tempe, like in most areas, are influenced by a variety of factors such as location, amenities, demand, and the overall housing market. Apartments that are located in more prime or popular areas may have higher rental prices, while apartments with more amenities such as swimming pools or fitness centers may also have higher rental rates.

Q: Are there any rental specials or deals available in Tempe, AZ?
A: Yes, many apartments in Tempe offer special deals or promotions for new tenants such as move-in discounts or waived application fees. It is important to research different apartments and compare deals before making a final decision.

Q: Is it possible to find affordable rentals in Tempe, AZ?
A: Yes, there are many affordable rental options in Tempe, especially if you are open to living in shared housing or seeking a roommate. It is important to do thorough research and consider all available options to find the best rental that fits your budget and needs.

Q: What are some good resources for finding rental listings in Tempe, AZ?
A: There are many resources for finding rental listings in Tempe, including popular websites such as Zillow, Rent.com or Apartments.com. Additionally, you can check with local real estate agencies or property management companies in the area to find available properties.





Author – Stan Huxley

Passionate about real estate, Stan Huxley brings a wealth of experience to our articles. With a lifelong career in the industry, Stan’s insights, tips, and expert advice empower readers to navigate the world of real estate confidently. Whether you’re a homebuyer, seller, or investor, Stan is your trusted guide to making informed decisions.

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