Phoenix, AZ Rental Market
Phoenix is one of the fastest-growing major metropolitan areas in the United States, powered by a massive semiconductor manufacturing build-out anchored by TSMC's multi-billion-dollar fab campus in North Phoenix, Intel's longstanding Chandler operations, and a diversifying tech and financial services economy. Spring training facilities for over a dozen MLB teams, a thriving tourism sector, and a steady influx of residents from California and the Midwest give the Phoenix rental market extraordinary depth across income levels.
Get a rent estimate for an address in PhoenixAverage Rent in Phoenix, AZ
$1,520
per month · 2026-06
Market Score
Key Facts — Phoenix, AZ Rental Market
- Average rent in Phoenix, AZ:$1,520/mo
- Median rent:$1,398/mo
- Rent range:$775 – $3,350/mo
- Most common rental (2 bedrooms):$1,350/mo
- Active listings:5,500
- Avg days to lease:27 days
- Year-over-year change:+2.8%
- Median home value:$320,000
- Est. gross annual yield:5.7%
- Data as of:2026-06
Rent by Bedroom in Phoenix, AZ
Average monthly rent for each bedroom type based on current active listings in Phoenix.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $1,100/mo |
2 Bedrooms | $1,350/mo |
3 Bedrooms | $1,700/mo |
4 Bedrooms | $2,100/mo |
5 Bedrooms | $2,400/mo |
Phoenix Rental Market Statistics
Key indicators from the current Phoenix, AZ rental market.
5,500
Available now in Phoenix
27
From list to lease
$1.17
Average across listings
1,300 sq ft
Typical rental size
$775 – $3,350
Min to max active listings
+2.8%
Avg rent vs. prior year
Investing in Phoenix, AZ Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$320,000
Typical purchase price in Phoenix
Est. Gross Annual Yield
5.7%
Before expenses & vacancy
Avg Monthly Income
$1,520
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Phoenix for a full cash-flow breakdown including all costs.
Phoenix, AZ Rental Market FAQ
Common questions about renting and investing in Phoenix, AZ.
What is the average rent in Phoenix, AZ?
The average rent in Phoenix, AZ is $1,520 per month as of 2026. One-bedroom apartments average $1,100/mo, two-bedrooms average $1,350/mo, and three-bedroom homes average $1,700/mo. Rents in high-demand areas like Arcadia, Biltmore, and Scottsdale-adjacent North Phoenix run 15–25% above the city average, while outer districts like Laveen and South Mountain offer more affordable options.
Is Phoenix, AZ a good place to invest in rental property?
Phoenix delivers a 5.7% estimated gross annual yield on a median home value of $320,000. The market benefits from robust population inflows — Phoenix has ranked among the top 5 fastest-growing major US metros for over a decade — and a diversifying economy anchored by semiconductor manufacturing (TSMC, Intel), financial services (JPMorgan Chase, American Express), and healthcare. Steady 2.8% year-over-year rent growth supports long-term performance.
How competitive is the Phoenix, AZ rental market?
Phoenix is a large and highly active rental market with over 5,500 active listings and an average of 27 days on market. Well-maintained properties in popular neighborhoods like Scottsdale-adjacent North Phoenix, Arcadia, and the Biltmore area lease the fastest. The arrival of TSMC workers and supplier ecosystem employees has added new demand in the North Phoenix and Deer Valley corridors since 2024.
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