Phoenix, AZ Rental Market Trends

Phoenix Rent Report: December 2023

Welcome to the Apartment List December 2023 Rent Report for Phoenix, AZ. Currently, the overall median rent in the city stands at $1,408, after falling 0.9% last month. Prices are now down 4.7% 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 down 0.9% month-over-month and down 4.7% year-over-year

The median rent in Phoenix fell by 0.9% over the course of November, and has now decreased by a total of 4.7% over the past 12 months. Phoenix’s rent growth over the past year has is similar to the state average (-3.7%) but has fallen below the national average (-1.1%).

Phoenix rent growth in 2023 pacing below last year

Eleven months into the year, rents in Phoenix have fallen 3.5%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to November 2022 rents had decreased 0.7%.

November rent growth in Phoenix ranked #50 among large U.S. cities

Phoenix rents went down 0.9% in the past month, compared to the national rate of -0.9%. Among the nation's 100 largest cities, this ranks #50. Similar monthly rent growth took place in Columbus, OH (-0.8%) and Arlington, TX (-0.9%).

Phoenix is the #53 most expensive large city in the U.S., with a median rent of $1,408

Citywide, the median rent currently stands at $1,143 for a 1-bedroom apartment and $1,383 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,408. That ranks #53 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,149 for a 1-bedroom, $1,317 for a 2-bedroom, and $1,340 overall. The median rent in Phoenix is 5.1% higher than the national, and is similar to the prices you would find in Irving, TX ($1,421) and Jacksonville, FL ($1,398).

Phoenix rents are 8.1% lower than the metro-wide median

If we expand our view to the wider Phoenix metro area, the median rent is $1,532 meaning that the median price in Phoenix proper ($1,408) is 8.1% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -4.2%, 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, Gilbert is currently the most expensive, with a median rent of $1,976. Phoenix is the metro’s most affordable city, with a median rent of $1,408. The metro's fastest annual rent growth is occurring in Surprise (-1.3%) while the slowest is in Avondale (-7.8%).

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