Tempe, 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 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
Tempe, Arizona Average Apartment Rent
Tempe, Arizona Apartment rent ranges
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**
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**
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**
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**
Tempe, Arizona Renter-occupied housing units by the presence of own children**
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**
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**
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**
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**
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**
Tempe, Arizona Geographical mobility in the past year for householders living in renter-occupied housing units**
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