Monthly apartment rent and rental growth in Phoenix, AZ, 2018-2023
The median rent for one- and two-bedroom apartments in Phoenix, Arizona, amounted to about 1,360 U.S. dollars at the end of 2023. Since the beginning of the coronavirus pandemic, rents in Phoenix have increased dramatically. As of October 2021, the annual rental growth was almost 30 percent. During the year 2023, a reversal in the trend was observed, and in December 2023, the rate of rental growth experienced a decrease of five percent. Among the different states in the U.S., Arizona ranks asĀ one of the mid-priced rental markets in 2023.