Phoenix continues to experience a construction boom of apartment units hitting the market. This is leading to an overabundance of inventory resulting in flat or slightly decreased rental rates. Certain areas of the city are seeing rental concessions of up to 1 to 2 months rent. The median rental price in Phoenix proper is $1,361, which is 5.7% lower than the price across the metro area as a whole and down 3.8% from last year.

Chandler

The first quarter of 2024 is showing stable rental rates. With strong demand, Chandler experienced an apartment rental growth during this period. Studio apartments started last year off high due to low availability. Rents for studio units have flattened as a result of a construction boom. Chandler has a median rent of $1,639, and Chandler rents are 13.5% higher than the Phoenix metro-wide median.

Apartment Options

The Stewart

• Studio/1ba
• Sq Ft: 545
• Rent: $1,466

Callia

• 1bed/1ba
• Sq Ft: 755
• Rent: $1,621

San Norterra

• 2bed/2ba
• Sq Ft: 1222
• Rent: $1,924

Cortland Biltmore

• 3bed/3ba
• Sq Ft: 1707
• Rent: $4,299