Average Rent in Prescott, AZ↑ Rents rising 4.9% YoY🔻 Cheapest in AZ

Prescott, AZ has rental prices ranging from $733/month to $1,724/month in 2022, depending on unit size. The typical 1-bedroom apartment rents for $894/month — 36% below the national average of $1,400/month.

How Prescott Compares

With an average 2-bedroom rent of $1,103/month, Prescott ranks #15 most expensive of the 15 cities tracked in Arizona — pricier than 75% of all US cities in our data.

The Prescott Rental Market

The Prescott, AZ area has a population of about 220,970.

Rent Trends

2-bedroom rents in Prescott, AZ have risen by $52/month (4.9%) over the past year, from $1,051 to $1,103. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Rent vs. Buy

The median home value in Prescott, AZ is $603,126, giving a price-to-rent ratio of 45.6. With a break-even horizon of approximately 46 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Prescott's neighborhoods. Among the highest-value areas are Dexter ($338,382 median home value), Gail Gardener ($437,919 median home value). Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Prescott, AZ Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Prescott?

Break-even analysis and mortgage estimates based on local market data.

Living in Prescott

Cost of living, job market, crime rates, and moving cost estimates.