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

“Since the start of the pandemic, single-family rents have risen 43.6%, far outpacing the 26.7% increase in apartment rents over that same period. This is consistent with a relatively higher supply of apartments when compared to single-family rental units.“

“Renters maintained strong negotiating power in December, as concessions reached a record high, with 39.5% of rental listings on Zillow offering incentives. The widespread use of concessions reflects persistently high vacancy rates and stiff competition among landlords.”

Typical Rent:  $1,728 (-0.5% change year over year)

Single Family: $2,231 (1.0% increase year over year)

Multifamily: $1,501 (-2.0% change year over year)

Observed Rent Index – Phoenix

Single Family vs. Multifamily – Phoenix

Observed Rent Index – United States