Tempe, AZ Rental Market
Tempe is the home of Arizona State University — the largest university in the United States by enrollment with over 80,000 students — and a growing urban core that has attracted major corporate campuses from State Farm, Allstate, and Silicon Valley technology firms. The combination of a massive student population, a maturing tech hub, and easy light rail access to downtown Phoenix and Phoenix Sky Harbor Airport makes Tempe one of the most liquid and demand-resilient rental markets in the entire Southwest.
Get a rent estimate for an address in TempeAverage Rent in Tempe, AZ
$1,580
per month · 2026-06
Market Score
Key Facts — Tempe, AZ Rental Market
- Average rent in Tempe, AZ:$1,580/mo
- Median rent:$1,454/mo
- Rent range:$800 – $3,500/mo
- Most common rental (2 bedrooms):$1,400/mo
- Active listings:1,200
- Avg days to lease:26 days
- Year-over-year change:+3.5%
- Median home value:$340,000
- Est. gross annual yield:5.6%
- Data as of:2026-06
Rent by Bedroom in Tempe, AZ
Average monthly rent for each bedroom type based on current active listings in Tempe.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $1,150/mo |
2 Bedrooms | $1,400/mo |
3 Bedrooms | $1,775/mo |
4 Bedrooms | $2,175/mo |
5 Bedrooms | $2,500/mo |
Tempe Rental Market Statistics
Key indicators from the current Tempe, AZ rental market.
1,200
Available now in Tempe
26
From list to lease
$1.22
Average across listings
1,300 sq ft
Typical rental size
$800 – $3,500
Min to max active listings
+3.5%
Avg rent vs. prior year
Investing in Tempe, AZ Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$340,000
Typical purchase price in Tempe
Est. Gross Annual Yield
5.6%
Before expenses & vacancy
Avg Monthly Income
$1,580
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 Tempe for a full cash-flow breakdown including all costs.
Tempe, AZ Rental Market FAQ
Common questions about renting and investing in Tempe, AZ.
What is the average rent in Tempe, AZ?
The average rent in Tempe, AZ is $1,580 per month as of 2026. One-bedroom apartments average $1,150/mo, two-bedrooms average $1,400/mo, and three-bedroom homes average $1,775/mo. Areas directly adjacent to ASU's main campus — Mill Avenue, downtown Tempe, and the Tempe Town Lake corridor — command the highest rents, with luxury high-rises near the lakefront reaching $2,500+ for 2-bedroom units.
Is Tempe, AZ a good place to invest in rental property?
Tempe offers a 5.6% estimated gross yield with 3.5% year-over-year rent growth, supported by ASU's 80,000+ student enrollment and a growing corporate office market. State Farm, Allstate, and multiple tech firms have major Tempe campuses, supplementing student demand with high-income professional tenants. Light rail connectivity to the broader Phoenix metro adds long-term value appreciation potential.
How competitive is the Tempe, AZ rental market?
Tempe averages 26 days on market across 1,200 active listings — one of the faster-moving markets in the Valley. The ASU leasing season (May–July) creates a predictable surge in demand for 1- and 2-bedroom units. Year-round demand from corporate employees at State Farm, the Tempe Tech Campus, and the growing Rio Salado Corridor keeps the market consistently tight outside of peak student-leasing periods.
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