Phoenix rents and rental comps

Name: Phoenix, AZ rental market data
Creator: PropMetrics

The median asking rent across 22 Phoenix zip codes is $1,524/month, down 10.1% from a year ago.

One of the most popular markets for rental investors for a reason: landlord-friendly laws, strong population growth, and a lot of California money following the Californians east. Institutions are active here. Know what you're bidding against.

Median Asking Rent

$1,524

Rent Change (YoY)

-10.1%

Avg Days on Market

Active Rental Listings

7,730

Median List Price

$475,998

Median Asking Rent Over Time

Average across 22 zip codes

12 months-8.8%

Median Asking Rent by ZIP Code

Rental Listings by ZIP Code

ZIP	Median Rent	YoY Growth	$/Sqft	Avg DOM	Listings
85028	$2,700/mo	-12.9%	$1.81	48	55
85041	$2,149/mo	+2.3%	$1.30	35	174
85042	$1,900/mo	-13.6%	$1.53	36	190
85037	$1,737/mo	-12.9%	$1.51	18	377
85003	$1,725/mo	+4.9%	$2.22	26	240
85016	$1,650/mo	-13.2%	$1.94	30	661
85040	$1,650/mo	-7.6%	$1.53	36	207
85004	$1,609/mo	+3.3%	$2.28	20	577
85012	$1,590/mo	+5.0%	$1.95	24	180
85018	$1,589/mo	-15.3%	$1.91	47	501
85032	$1,558/mo	-16.7%	$1.68	40	535
85044	$1,532/mo	-27.0%	$1.65	9	545
85013	$1,460/mo	-16.6%	$1.80	28	392
85020	$1,449/mo	-14.8%	$1.62	29	348
85014	$1,423/mo	-17.3%	$1.78	31	530
85008	$1,400/mo	+0.4%	$1.64	32	610
85033	$1,329/mo	-16.9%	$1.57	15	236
85006	$1,300/mo	-13.0%	$1.92	53	261
85035	$1,295/mo	-11.6%	$1.65	16	290
85021	$1,252/mo	-10.5%	$1.55	26	403
85015	$1,200/mo	-7.6%	$1.53	62	302
85007	$1,195/mo	-11.5%	$1.89	53	116

Comps for any address in Phoenix

Type the address, get the comps. No setup.

Median Asking Rent by Bedroom

Unit Size	Median Rent	$/Sqft
Studio	$935/mo	$2.18/sqft
1 Bedroom	$1,206/mo	$1.91/sqft
2 Bedroom	$1,541/mo	$1.62/sqft
3 Bedroom	$2,274/mo	$1.56/sqft
4 Bedroom	$2,695/mo	$1.50/sqft

Aggregated median across all Phoenix zip codes with available data.

For-Sale Listings by ZIP Code

ZIP	Median List Price	YoY Change	$/Sqft
85018	$1,099,000	-25.2%	$521.97
85003	$725,000	+11.5%	$423.38
85028	$715,000	-4.7%	$379.91
85007	$549,000	-0.2%	$365.41
85016	$545,000	-5.2%	$367.50
85012	$509,000	-4.9%	$355.22
85021	$499,899	-8.2%	$281.86
85004	$489,900	+3.1%	$339.43
85006	$488,000	-2.2%	$363.03
85044	$479,900	-3.8%	$291.33
85013	$477,000	-13.3%	$323.53
85014	$474,995	-13.6%	$313.48
85042	$449,900	-4.7%	$259.40
85008	$429,000	-4.6%	$298.35
85032	$429,000	+0.4%	$303.89
85041	$415,000	-2.4%	$227.38
85037	$414,900	+2.4%	$243.12
85020	$385,000	-9.4%	$292.29
85040	$385,000	+7.2%	$252.65
85015	$379,000	+1.1%	$250.51
85035	$350,000	+1.4%	$237.35
85033	$335,000	-1.3%	$228.52

HUD Fair Market Rents

Unit Size	Fair Market Rent	Median Asking Rent	Difference
Studio	$1,700/mo	$935/mo	-45%
1 Bedroom	$1,850/mo	$1,206/mo	-35%
2 Bedroom	$2,150/mo	$1,541/mo	-28%
3 Bedroom	$2,870/mo	$2,274/mo	-21%
4 Bedroom	$3,180/mo	$2,695/mo	-15%

HUD publishes Fair Market Rents once a year for the Phoenix metro area. Local housing authorities use them to set Section 8 voucher payment standards, usually 90% to 110% of the FMR.

About the Phoenix rental market

The median asking rent across Phoenix, AZ sits at $1,524/month, pulled from active rental listings in 22 zip codes. That's down 10.1% from a year ago.

Rents aren't uniform across the city. ZIP 85028 tops the list at $2,700/month. ZIP 85007 comes in lowest at $1,195/month. That's a 126% spread between the top and bottom zip codes, which is wide. City-wide averages won't tell you much about a specific property here.

A 2-bedroom rents for $1,541/month at the median. 1-bedrooms run about $1,206. 3-bedrooms come in around $2,274.

Average days on market sits at 32 days. Pace is steady.

Rent-to-price math is tight in Phoenix. The gross figure sits at about 3.8% ($1,524/month against $475,998 median price). Most investors here are betting on appreciation, not monthly cash flow.

HUD's Fair Market Rent for a 2-bedroom in the Phoenix metro is $2,150/month. Asking rents come in about 29% below the federal benchmark, which can make Section 8 properties competitive here.

Phoenix is where a lot of investors buy their first rental, for good reason. Population growth is real, Arizona is landlord-friendly, and entry points are reasonable compared to California. Institutional activity has been heavy here, which tells you the numbers work. Rents spiked hard from 2020 to 2022 and have been normalizing since. Scottsdale and Arcadia are premium. West Valley and South Phoenix are where cash flow lives. Phoenix detail people forget: summer heat is brutal. Renters pay a premium for newer units with good AC. That gap matters when you're pricing an older property.

These numbers are city-wide averages. If you're pricing a specific property in Phoenix, pull comps from the same zip code. The spread is usually bigger than people expect.