While rent prices increased in March, it's reflecting seasonal patterns and fundamental concepts like supply and demand, experts say.
Arizona is unique, with rent decreases in all the major metro areas assessed. On a statewide level, the median price for one-bedroom apartments declined to $1,311 in March, about a 4% decline from $1,365 a year ago, according to Zumper data.What to know about about a condo and a co-op apartment "All of the Arizona cities on our report either had flat or declining year-over-year rates," she said.
"If you're in that market, it's a great time for renters to snag an amenity-rich apartment that would have been out of reach otherwise," Chen said.While more supply is expected to surge in Sun Belt and Intermountain West, a lot of Midwestern and Northeast markets are undersupplied, making rent prices push upwards.Rent prices for one-bedroom apartments are up 25% in New York City from a year ago, according to Zumper.
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