Phoenix, Arizona Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Phoenix, Arizona rental market.
Highlights
An apartment for rent in Phoenix, Arizona typically goes for $1,507 per month, while a single-family home for rent in Phoenix, Arizona has a monthly cost of around $2,015. Renter-occupied units make up 44% of the local housing market, while the rental vacancy rate in Phoenix, Arizona is at 4.
Phoenix, Arizona
Average Apartment Rent
$1,507
Y-o-Y Change in Average
Apartment Rent
-2.2%
Average Single-Family Rent
$2,015
As of November 2024
Compared to a year ago, Phoenix, Arizona apartments have recorded a -2.2% rent decrease.
Phoenix, Arizona Average apartment rent trend
Phoenix, Arizona Average Apartment Rent
Phoenix, Arizona Apartment rent ranges
At 48.09%, apartments priced $1,000 - $1,500 represent the bulk of Phoenix, Arizona rentals, while condos priced $500 - $700 hold the lowest share of the market – 0.06%.
Phoenix, Arizona Housing tenure**
Renters take up 44% of Phoenix, Arizona real estate, occupying a total of 257,538 units, while homeowners live in 333,631 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$51,932
Average household size of renter-occupied housing units**
2.51
Rental vacancy rate**
4%
Phoenix, Arizona Renter-occupied housing units by no. of bedrooms**
There are 95,360 rentals in Phoenix, Arizona with 2 beds making up the highest share of the market, at 37%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 3,146 units. Overall, the median number of rooms in Phoenix, Arizona homes for rent is 4.
Phoenix, Arizona Renter-occupied units by age of householder**
Most condos for rent in Phoenix, Arizona are occupied by residents in the 25 - 34 years age group (29%), followed by those in the 35 - 44 years age group (21%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Phoenix, Arizona Renter-occupied housing units by family type**
Phoenix, Arizona Renter-occupied housing units by the presence of own children**
A total of 133,748 apartments for rent in Phoenix, Arizona, or 52% of all rentals are family households. Additionally, 33% of rental homes include children under the age of 18 – that’s 85,830 units. All in all, the median size of a renter-occupied household in Phoenix, Arizona is 2.51.
Phoenix, Arizona Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 26% of the rental market. In contrast, residents with less than a high school degree reside in 16% of the homes for rent in Phoenix, Arizona.
Phoenix, Arizona Renter-occupied units by year structure built**
The highest share of Phoenix, Arizona apartment rentals, namely 19% or 49,730 units, were Built 1980 - 1989, followed by those Built 1970 - 1979 (19%, 48,026 units), and the ones Built 1990 - 1999 (16%, 40,527 units).
Phoenix, Arizona Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Phoenix, Arizona renters (43%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Phoenix, Arizona condos for rent is 2018.
Phoenix, Arizona Renter-occupied housing units by vehicles available**
When it comes to transportation options, 47% of Phoenix, Arizona renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 13% have No vehicle available.
Phoenix, Arizona Means of transportation to work of householders living in renter-occupied housing units**
Phoenix, Arizona Geographical mobility in the past year for householders living in renter-occupied housing units**
Phoenix, Arizona Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Phoenix, Arizona apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
