Phoenix rents remained relatively stable in August, continuing the pattern we've seen through much of the year.
According to the Zillow Observed Rent Index (ZORI), the typical rent across the Phoenix metro was $1,722 in August 2026, with seasonally adjusted rents up 0.1% from the previous month and 0.7% from a year earlier.
Phoenix Rental Market at a Glance
Typical Phoenix Metro Rent: $1,722
Month-over-Month Change: +0.1%
Year-over-Year Change: +0.7%
U.S. Typical Rent: $1,948
U.S. Year-over-Year Change: +2.5%
Source: Zillow Observed Rent Index (ZORI), August 2026.
Phoenix Rent Trends
Phoenix Metro Typical Rent — Zillow Observed Rent Index (ZORI)
Phoenix rents have remained relatively stable. Zillow's typical metro rent increased modestly through the spring before easing during the summer. Despite those monthly movements, rents have remained within a relatively narrow range, reinforcing our view that the market has been largely stable rather than experiencing a significant change in direction.
What Changed This Month?
Not much—and that's an important takeaway.
Phoenix rents were essentially flat in August. Annual rent growth improved to 0.7%, compared with 0.3% in July and approximately flat year over year in June.
The improvement is worth monitoring, but it isn't enough to indicate a significant change in Phoenix rental market conditions.
What Does This Mean for Phoenix Landlords?
Our assessment remains largely unchanged.
Renters continue to have choices, and pricing remains one of the most important factors affecting leasing activity. Properties priced appropriately for their condition and location are better positioned to attract renters, while testing a rent above comparable properties can result in additional vacancy.
When a property isn't generating the expected activity, we generally favor responding to the market rather than allowing an extended vacancy while waiting for a higher rent.
Related: Move-In Special or Lower Rent: Which Works Better for Phoenix Rentals?
Phoenix Rental Market Outlook
For now, the Phoenix rental market appears stable rather than meaningfully changing direction.
Year-over-year rent growth has improved from approximately flat in June to +0.7% in August. We'll be watching the coming months to see whether that develops into a sustained trend or remains modest movement around relatively flat rents.
Individual results can vary considerably by property type, condition and location. Rental demand in Phoenix, Scottsdale, Chandler, Gilbert, Mesa, Glendale and other parts of the metro will not necessarily move uniformly with the metro-wide average.
Phoenix Rental Market FAQ
What is the typical rent in the Phoenix metro?
According to Zillow's Observed Rent Index, the typical Phoenix metro rent was $1,722 in August 2026.
Are Phoenix rents going up or down?
Phoenix rents are relatively flat, although annual growth has improved modestly. Zillow reported Phoenix metro rents up 0.7% year over year in August 2026, compared with approximately flat annual growth in June.
About the Data
Market data is based on the Zillow Observed Rent Index (ZORI) for the Phoenix metropolitan area. Metro-wide trends provide useful context, but individual properties and submarkets may perform differently.
