Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – June 2025

“Rental concessions hold steady at 35% – the highest level on record for June “

“Rising inventory in the for-sale market is helping to rebalance the rental market, as would-be buyers gain negotiating power, reducing pressure on rents.”

Typical Rent:  $1,854 (-0.1% increase year over year)

Single Family: $2,370 (1.9% increase year over year)

Multifamily: $1,567 (-1.8% change year over year)

Observed Rent Index – Phoenix

Single Family vs. Multifamily – Phoenix

Observed Rent Index – United States