Rent or buy: which option is best for your city?
If you’re trying to figure out whether renting or buying is better for you, the best option for your budget may depend on where you live.
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Tenants whose leases are expiring or students returning to the city may be looking for a new apartment to rent.
For those looking for spacious and affordable accommodations, a new study from RentCafe offers the best chances of finding an apartment that meets their needs in Tucson, Surprise and Peoria.
The list ranked the 200 largest cities in the U.S. based on where renters with a monthly budget of $1,500 can get the most living space. Tucson was the best city in Arizona, coming in 37th on the list with an average apartment size of 869 square feet for that monthly price. Surprise: Peoria and Glendale also made the top 50.
Here’s everything you need to know about rent costs in the greater Phoenix area and where to get the most for your money.
Rental costs in the Phoenix metropolitan area
According to RentCafe, the following cities in Arizona offer the most housing for $1,500 rent.
- Tucson: 896 square feet
- Surprise: 857 square meters
- Peoria: 79.6 square meters
- Glendale: 77.6 square meters
- Table Mountain: 77 square meters
- Gilbert: 802 square feet
- Chandler: 802 square feet
- Phoenix: 793 square meters
- Tempe: 691 square meters
- Scottsdale: 62 square meters
How much does rent cost in the Phoenix metropolitan area? Compare prices in these 6 cities
Renting in West Valley Cities
After Tucson, cities in the West Valley performed best, with Surprise, Peoria and Glendale all making the top 50.
These three cities offer apartments ranging from 857 to 834 square meters with a monthly budget of $1,500.
Consumer prices fall for the first time in four years
Due to lower gasoline costs and falling rents, consumer prices in the US fell in June for the first time in four years.
Renting in East Valley Cities
Next on the list are cities in the East Valley, with Mesa leading the way with 800 square feet of living space for $1,500 a month.
Renters in Chandler and Gilbert can secure about 300 square feet less. However, Tempe and Scottsdale did not fare as well as their neighboring cities, landing at the bottom of the Arizona rankings.
Money: Rents have dropped by more than 7% in these areas of Phoenix; Fountain Hills is now the most expensive
Renting in Phoenix
In Phoenix, the same budget only covers about 8,000 square feet of living space. This makes Phoenix the third smallest city in Arizona to offer housing for $1,500. However, Phoenix offers more space than the national average of 8,000 square feet.
Arizona’s cities are below the national average
At the other end of the spectrum, Tempe and Scottsdale were found to be the cities in Arizona that offer the least housing for the same monthly budget; both cities offer less than the national average.
For a monthly rent of $1,500, renters in Scottsdale can secure just 675 square feet of space, which is the size of a spacious studio or cozy one-bedroom apartment. In Tempe, you can get about 15 square feet more for the same amount.
The high cost of living in these two Valley cities may be due to the amenities they offer. Scottsdale scored highly in the economy, quality of life, and school quality categories in a previous RentCafe study. According to rental research firm Zumper, Scottsdale has the highest rent in the Valley at $1,600 for a one-bedroom apartment.
But Gilbert offers a similar list of benefits at a much lower cost of living, according to the study. The East Valley city has the third-highest rent in the Phoenix metropolitan area, with a one-bedroom apartment costing an average of $1,540.
