miroslav_1 / iStock.comIf buying a house in Arizona isn’t financially in the cards for you this year, potential buyers may want to consider renting instead.The (very) good news is rent prices are decreasing across certain Arizona cities, meaning you can still enjoy a comfortable lifestyle while saving money to put toward your future home down payment.Learn More: Here’s the Living Wage a Single Person Needs To Live Comfortably in ArizonaFind Out: Become a Real Estate Investor for Just $1K Using This Bezos-Backed StartupTo find out which Arizona cities have decreasing rent, GOBankingRates reviewed median rent costs obtained through Zumper and pulled various cities based on the highest rent decrease over the last year.However, we did omit one city from the final list and that was Paradise Valley. While the city did experience a 19% decrease in rent over the last year, Paradise Valley is also known for its millionaire residents. According to Zumper, the median rent is $7,950. It’s safe to say this is likely out of pocket for the typical homebuyer.Ranked by the highest to lowest percentage decrease in the last year, here are the four Arizona cities where rent prices are plummeting.Wealthy people know the best money secrets. Learn how to copy them.GlendaleGlendale has ranked in several listicles this year as a U.S. city where rent has dropped the most. It took the #11 place spot on CNBC and held seventh place as one of Redfin’s 12 most affordable places to live in Arizona.According to Zumper, rent prices for all bedroom counts and property types have decreased by 14% in the last year. The same prices have also declined by 3% over the last month. For those interested in renting an apartment in Glendale, Zumper data shows a one-bedroom apartment averages at $1,348 per month while a two-bedroom has an average monthly cost of $1,616 each month.Check Out: 4 States Retirees Are Moving to in 2024 That Aren’t Arizona or FloridaPhoenixThis might be your sign to move to Phoenix. While the rent decline in the last year is not as significant as Glendale (at 12%), in the last month Phoenix rent has decreased by 7%. According to Zumper, Phoenix’s median rent is -10 lower than the national average.There’s also more rentals to explore and find the rent that fits your price range. Compared to Glendale which has 388 total rentals, Phoenix has 2,708 rentals currently available on Zumper.FlagstaffFlagstaff is experiencing an interesting decrease in rent both over the last month and the last year. Over the last year, rent has decreased by 11% for all bedroom counts and property types. Meanwhile, there has been an 11% decline in the last month.Story continuesIs Flagstaff being positioned as the next cheapest Arizona city to rent from? There are only 123 total rentals available …
