New data: 54% of Phoenix's renters are "cost-burdened" | Apartment List

Hi Tim,   Even as rent prices have softened in recent years, affordability remains a serious concern. In our newest report, the Apartment List Research Team analyzes the latest Census data to better understand this worsening issue - read our full Cost Burden Report here.    The National Outlook: 52% of the nation’s renters are cost-burdened, meaning they spend more than the recommended 30% of their income on housing. This cost burden rate spiked from 2019 to 2022 amid surging rent prices, and has since held steady at that heightened level. In total, today there are over 22 million rent-burden households across the United States, a new record.   The Local Outlook: Broadly speaking, rent burden is geographically concentrated in two types of markets: coastal markets with sky-high rents, and sun belt markets where rents have grown rapidly over the past five years. Cost-burden rates have worsened since 2019 in 49 of the nation's 50 largest metros. In the Phoenix metro specifically, 54% of renter households spend at least 30% of their income on rent, and 25.7% spend more than half. The rent burden rate in the Phoenix metro has increased by 7.4% since 2019. That's the #6 biggest increase among large metros. For more national and local insights, check out the full report, and let us know if you have any questions. For more data, tools, and insights about the rental market, please visit the Apartment List Research Blog.