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

“A soft labor market with low hiring rates and job-to-job mobility is another likely culprit for slower-than-expected rental demand for this time of year. “

“The silver lining for property managers is that rental demand is generally more resilient than buyer demand in times of economic uncertainty..”

Typical Rent:  $1,792 

Single Family: $2,313 (1.0% increase year over year)

Multifamily: $1,552 (-2.2% change year over year)

Observed Rent Index – Phoenix

Single Family vs. Multifamily – Phoenix

Observed Rent Index – United States