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

“The number of large metro areas with annual rent declines or no growth nearly doubled from June. Year-over-year rents fell in Phoenix, San Antonio, Denver and Austin; annual rent growth is roughly flat in Dallas, Las Vegas and Orlando. “

“While increases in both multifamily and single-family rents continue to moderate, the slowdown is more pronounced for multifamily units.”

Typical Rent:  $1,845 (-0.3% increase year over year)

Single Family: $2,349 (1.8% increase year over year)

Multifamily: $1,565 (-1.9% change year over year)

Observed Rent Index – Phoenix

Single Family vs. Multifamily – Phoenix

Observed Rent Index – United States