Tempe, Arizona Rental Market Trends

Disclaimer:

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 Tempe, Arizona rental market.

Tempe, Arizona

Average Apartment Rent

$1,879

Y-o-Y Change in Average
Apartment Rent

-2.4%

As of November 2024

Compared to a year ago, Tempe, Arizona apartments have recorded a -2.4% rent decrease.

Tempe, Arizona Average apartment rent trend

Median Rent Nov 2021 Mar 2022 Jul 2022 Nov 2022 Mar 2023 Jul 2023 Nov 2023 Mar 2024 Jul 2024 Nov 2024
Tempe $1,818 $1,868 $1,919 $1,912 $1,925 $1,918 $1,912 $1,895 $1,891 $1,879
National $1,596 $1,635 $1,708 $1,726 $1,714 $1,739 $1,733 $1,727 $1,752 $1,748
Tempe
National
Nov 2021
$1,818
$1,596
Mar 2022
$1,868
$1,635
Jul 2022
$1,919
$1,708
Nov 2022
$1,912
$1,726
Mar 2023
$1,925
$1,714
Jul 2023
$1,918
$1,739
Nov 2023
$1,912
$1,733
Mar 2024
$1,895
$1,727
Jul 2024
$1,891
$1,752
Nov 2024
$1,879
$1,748

Tempe, Arizona Average Apartment Rent

Tempe, Arizona Apartment rent ranges

Under $500
$500 - $700
$700 - $1000
$1,000 - $1,500
$1,500 - $2,000
Over $2,000

At 42.69%, apartments priced $1,500 - $2,000 represent the bulk of Tempe, Arizona rentals, while condos priced $700 - $1000 hold the lowest share of the market – 0.2%.

Tempe, Arizona Housing tenure**

Renter occupied housing units 44,924
Owner occupied housing units 30,777

Renters take up 59% of Tempe, Arizona real estate, occupying a total of 44,924 units, while homeowners live in 30,777 properties.

Median number of rooms of renter-occupied housing units**

3.8

Renter median household income**

$58,272

Average household size of renter-occupied housing units**

2.18

Rental vacancy rate**

4.6%

Tempe, Arizona Renter-occupied housing units by no. of bedrooms**

No bedrooms 4,442
1 bed 11,870
2 beds 18,328
3 beds 7,764
4 beds 2,185
5 or more beds 335

There are 18,328 rentals in Tempe, Arizona with 2 beds making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 335 units. Overall, the median number of rooms in Tempe, Arizona homes for rent is 3.8.

Tempe, Arizona Renter-occupied units by age of householder**

15 - 24 years 11,466
25 - 34 years 15,885
35 - 44 years 7,401
45 - 54 years 3,949
55 - 59 years 1,559
60 - 64 years 1,877
65 - 74 years 1,546
75 - 84 years 862
85 years and over 379

Most condos for rent in Tempe, Arizona are occupied by residents in the 25 - 34 years age group (35%), followed by those in the 15 - 24 years age group (26%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.

Tempe, Arizona Renter-occupied housing units by family type**

Family households 15,264
Non-Family Households 29,660

Tempe, Arizona Renter-occupied housing units by the presence of own children**

With related children of the householder under 18 7,278
No related children of the householder under 18 37,646

A total of 15,264 apartments for rent in Tempe, Arizona, or 34% of all rentals are family households. Additionally, 16% of rental homes include children under the age of 18 – that’s 7,278 units. All in all, the median size of a renter-occupied household in Tempe, Arizona is 2.18.

Tempe, Arizona Renter-occupied housing units by educational attainment**

Less than high school graduate 2,222
High school graduate (including equivalency) 5,771
Some college or associate's degree 17,820
Bachelor's degree or higher 19,111

In terms of education, renters holding bachelor degrees or higher make up 43% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Tempe, Arizona.

Tempe, Arizona Renter-occupied units by year structure built**

Built 2010 - 2019 7,207
Built 2000 - 2009 5,243
Built 1990 - 1999 7,428
Built 1980 - 1989 10,023
Built 1970 - 1979 8,366
Built 1960 - 1969 4,160
Built 1950 - 1959 1,591
Built 1940 - 1949 423
Built 1939 or earlier 262

The highest share of Tempe, Arizona apartment rentals, namely 22% or 10,023 units, were Built 1980 - 1989, followed by those Built 1970 - 1979 (19%, 8,366 units), and the ones Built 1990 - 1999 (17%, 7,428 units).

Tempe, Arizona Renter-occupied units by year householder moved in**

Moved in 2021 or later 6,225
Moved in 2018 to 2020 21,371
Moved in 2010 to 2017 15,108
Moved in 2000 to 2009 1,705
Moved in 1990 to 1999 435

Median year renter moved into unit 2019

Most Tempe, Arizona renters (48%) moved in 2018 to 2020, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Tempe, Arizona condos for rent is 2019.

Tempe, Arizona Renter-occupied housing units by vehicles available**

No vehicle available 5,575
1 vehicle available 20,509
2 vehicles available 13,970
3 vehicles available 3,787
4 vehicles available 804
5 or more vehicles available 279

When it comes to transportation options, 46% of Tempe, Arizona renters have 1 vehicle available per household, 31% of them have 2 vehicles available, and 12% have No vehicle available.

Tempe, Arizona Means of transportation to work of householders living in renter-occupied housing units**

Car, truck, or van - drove alone 37,769
Car, truck, or van - carpooled 5,900
Public transportation (excluding taxicab) 3,049
Walked 2,436
Taxicab, motorcycle, bicycle, or other means 3,644
Worked at home 8,397

Tempe, Arizona Geographical mobility in the past year for householders living in renter-occupied housing units**

Same house as 1 year ago 62,307
Moved within same county 23,340
Moved from different county within same state 2,193
Moved from different state 6,803
Moved from abroad 2,351

Tempe, 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 Tempe, 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

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