Phoenix market rental trends report

Rental rates in Phoenix have declined modestly over the past 3–6 months, continuing a broader cooling trend, with rents down roughly 2–4% year-over-year and slightly negative on a trailing quarterly basis. This softening has been driven primarily by a surge in new apartment supply and rising vacancy rates (around 8%+), which have shifted the market in favor of renters, alongside more cautious renter demand and broader economic uncertainty. The current median rent in the Phoenix metro area is approximately $1,728 per month.

Chandler

Rental rates in Chandler have remained largely flat to slightly declining over the past 3–6 months, reflecting a stabilized market with only minor month-to-month movement following earlier softening. This trend has been driven by cooling demand after rapid post-pandemic growth and an increase in available inventory, which has reduced upward pricing pressure and contributed to modest year-over-year declines of roughly 2–4%. The current median rent in Chandler is approximately $2,250 per month.

Apartment listings

Below are some recent listing examples.

Bask Deer Valley

• Studio/1 Bath
• 579 Sq. Ft.
• $1,266

Spire Deer Valley 

• 1 Bed/1 Bath
• 815 Sq. Ft.
• $1,432

San Norterra

• 2 Beds/2 Baths
• 1,168 Sq. Ft.
• $1,505

Aerie Happy Valley

• 3 Beds/2 Baths
• 1,391 Sq. Ft.
• $2,250

(Data sourced from Apartments.com)