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.
(Data sourced from Apartments.com)