Median rents, rental comps, and market trends across 15 zip codes in Phoenix, AZ.
One of the most popular markets for rental investors in the country for a reason — landlord-friendly laws, strong population growth, and a lot of California money that followed the Californians here. Institutional investors are active, so know what you're competing against.
Median Asking Rent
$1,495
Rent Change (YoY)
-9.3%
Avg Days on Market
51
Active Rental Listings
4,826
Median List Price
$499,000
Average across 15 zip codes
ZIP | Median Rent |
|---|---|
| 85028 | $3,200/mo |
| 85003 | $1,831/mo |
| 85004 | $1,638/mo |
| 85032 | $1,628/mo |
| 85016 | $1,596/mo |
| 85013 | $1,512/mo |
| 85014 | $1,495/mo |
| 85018 | $1,495/mo |
| 85020 | $1,450/mo |
| 85008 | $1,399/mo |
| 85012 | $1,399/mo |
| 85006 | $1,395/mo |
| 85007 | $1,275/mo |
| 85021 | $1,251/mo |
| 85015 | $1,195/mo |
Get rental comps for any property in Phoenix
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| Unit Size | Median Rent |
|---|---|
| Studio | $990/mo |
| 1 Bedroom | $1,219/mo |
| 2 Bedroom | $1,650/mo |
| 3 Bedroom | $2,375/mo |
| 4 Bedroom | $3,200/mo |
Aggregated median across all Phoenix zip codes with available data.
| ZIP | Median List Price |
|---|---|
| 85018 | $1,175,000 |
| 85003 | $750,000 |
| 85028 | $698,000 |
| 85016 | $599,990 |
| 85007 | $589,000 |
| 85012 | $525,000 |
| 85004 | $504,900 |
| 85006 | $499,000 |
| 85014 | $498,000 |
| 85013 | $477,499 |
| 85021 | $443,000 |
| 85032 | $420,000 |
| 85020 | $419,000 |
| 85008 | $415,000 |
| 85015 | $360,000 |
| Unit Size | Fair Market Rent |
|---|---|
| Studio | $1,700/mo |
| 1 Bedroom | $1,850/mo |
| 2 Bedroom | $2,150/mo |
| 3 Bedroom | $2,870/mo |
| 4 Bedroom | $3,180/mo |
Fair Market Rents are published annually by HUD for the Phoenix metropolitan area. Local housing authorities use these to set Section 8 voucher payment standards, typically between 90% and 110% of the FMR.
The median asking rent across Phoenix, AZ is currently $1,495/month, based on active rental listings across 15 zip codes. Median asking rents have decreased by -9.3% over the past 12 months.
Asking rents vary significantly across the city. ZIP 85028 has the highest median asking rent at $3,200/month, while ZIP 85015 comes in at $1,195/month.
Rental listings in the area spend an average of 51 days on market before being leased, suggesting a more tenant-friendly market.
The HUD Fair Market Rent for a 2-bedroom in the Phoenix metro area is $2,150/month. Current median asking rents are near or below the FMR for this area.
Phoenix is where a lot of investors buy their first rental property, and for good reason — the population growth is real, Arizona is landlord-friendly, and entry points are reasonable compared to California. There's been a lot of institutional investor activity here too, which tells you the numbers work. Rents spiked hard from 2020-2022 and have been normalizing since. Scottsdale and Arcadia are premium. West Valley and South Phoenix are where you find better cash flow. One thing people forget about Phoenix: summer heat is brutal, and renters will pay more for newer places with good AC. That matters when you're estimating rent for an older property.
Want to look up rental comps and rent estimates for a specific property in Phoenix? PropMetrics lets you search any address and get detailed rental data instantly.
Get rent estimates, comparable rentals, and market data for any property in Phoenix, AZ. Free to start.
What rental comps are, what makes a good one, and how to use them to price your rental property accurately.
Fair market rent, Section 8, HUD... what does it all mean? A straightforward breakdown of how it works and why it matters.
A step-by-step guide to pricing your rental so it rents quickly without leaving money on the table.