The Phoenix and Flagstaff metro areas are among the most expensive in the country when it comes to rent prices, according to a new report from the real estate analysis firm Construction Coverage.
The report finds Arizona is now the 10th most expensive state for renters. Statewide, the median rent price in Arizona is $1,976. California's median rent of $2,690 is the nation's most expensive, while Iowa's median price of $1,061 is the least.
Among large U.S. cities, Phoenix ranks 14th most expensive, with a median rent price of $2,198. Flagstaff’s median rent is almost as high at $2,153, making it the eighth most expensive among small cities analyzed.
The report blames supply and demand imbalances for high rental costs nationwide. It says inflation, high interest rates and rising labor costs have led to a slowdown in rental development. And it says the U.S. rental vacancy rate has recently been at its lowest point since the 1980s.
