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

“Construction catches up with demand, giving renters an affordability break“

“Landlords are offering concessions on 37.3% of rentals on Zillow, a record high for September.”

Typical Rent:  $1,776 (-0.8% change year over year)

Single Family: $2,291 (1.1% increase year over year)

Multifamily: $1,536 (-2.2% change year over year)

Observed Rent Index – Phoenix

Single Family vs. Multifamily – Phoenix

Observed Rent Index – United States