The average monthly rent in Flagstaff has increased by more than 50% since 2013.
But a new report shows the trend slowed last year.
A report by Northern Arizona Housing Solutions shows the cost of renting a two-bedroom apartment in Flagstaff rose by less than a percent last year.
Devonna McLaughlin leads that organization. She says that’s a big difference from the 12 and 13% increases in 2022 and 2023.
She says a higher vacancy rate this year may have been a factor.
“As vacancy rates increase, then the demand pressure is lessened and it's harder then to raise rent. That does not mean that rents are low by any means. It just means that in the past 12 months, they haven't done double-digit increases like we've seen in the past two years," McLaughlin says.
About 750 rentals were vacant in 2024.
In past years, it’s been half that number.
However, McLaughlin says it's too soon to know if that stabilization results from the city's efforts to cut housing costs or if it’s just a blip in the market.
