The decline of U.S. rental prices and its impact on Arizona renters

A building boom across the South and Mountain West has cooled rental prices, but maybe not enough to make a difference. Housing is unaffordable for many.

Although the median U.S. rent for new leases is down 1.5% from a year ago, it’s still roughly 20% above pre-pandemic levels, at $1,400 a month, according to real estate experts.

A new Harvard report finds a record number of renters are “cost-burdened,” spending more than 30% of their income on rent and utilities. Both Phoenix and Tucson posted a 4% decline in rental costs.

Catherine Reagor, Senior Real Estate Reporter at The Arizona Republic, joined “Arizona Horizon” to discuss the impact of the decline in rental prices on Arizonians.