Phoenix Rent Report: October 2024

Welcome to the Apartment List October 2024 Rent Report for Phoenix, AZ. Currently, the overall median rent in the city stands at $1,355, roughly the same as last month. Prices are now down 2.9% year-over-year. Read on to learn more about what’s been happening in the Phoenix rental market and how it compares to trends throughout the broader Phoenix metro area and the nation as a whole.

Phoenix rents are flat month-over-month and down 2.9% year-over-year

The median rent in Phoenix fell by 0.5% over the course of September, and has now decreased by a total of 2.9% over the past 12 months. Phoenix’s rent growth over the past year has is similar to the state average (-2.5%) but has fallen below the national average (-0.7%).

Phoenix rent growth in 2024 pacing above last year

Nine months into the year, rents in Phoenix have risen 0.1%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to September 2023 rents had decreased 1.6%.

September rent growth in Phoenix ranked #47 among large U.S. cities

Phoenix rents went down 0.5% in the past month, compared to the national rate of -0.5%. Among the nation's 100 largest cities, this ranks #47. Similar monthly rent growth took place in San Antonio, TX (-0.4%) and Los Angeles, CA (-0.5%).

Phoenix is the #60 most expensive large city in the U.S., with a median rent of $1,355

Citywide, the median rent currently stands at $1,162 for a 1-bedroom apartment and $1,385 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,355. That ranks #60 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,234 for a 1-bedroom, $1,390 for a 2-bedroom, and $1,405 overall. The median rent in Phoenix is 3.5% lower than the national, and is similar to the prices you would find in Fort Worth, TX ($1,362) and Dallas, TX ($1,355).

Phoenix rents are 5.8% lower than the metro-wide median

If we expand our view to the wider Phoenix metro area, the median rent is $1,439 meaning that the median price in Phoenix proper ($1,355) is 5.8% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -2.7%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 11 cities in the Phoenix metro area that are included in our database. Among them, Surprise is currently the most expensive, with a median rent of $1,779. Glendale is the metro’s most affordable city, with a median rent of $1,333. The metro's fastest annual rent growth is occurring in Surprise (1.6%) while the slowest is in Peoria (-4.0%).

You can also use the map below to explore the latest rent trends in the Phoenix metropolitan area.

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Data Access

Apartment List publishes monthly rent reports and underlying data for hundreds of cities across the nation, as well as data aggregated for counties, metros, and states. These data are intended to be a source of reliable information that help renters and policymakers make sound decisions. Insights from our data are covered regularly by journalists across the country. To access the data yourself, please visit our Data Downloads Page.