Department of Numbers

Phoenix Arizona Residential Rent and Rental Statistics

The median monthly gross residential rent in Phoenix, AZ (the Phoenix-Mesa-Glendale metro area) was $1,040 in 2016 according to the Census ACS survey.1 Average gross rent in Phoenix was $1,066 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Phoenix median and average rent data will be released in September of 2018.

Data is also available below for Phoenix rental vacancy rates, Phoenix rent as a percent of median income and the fraction of renters in Phoenix.

Show dollars as: Nominal Real

Real Gross Rent in Phoenix Arizona (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Arizona Median Gross Rent $976 +3.28% +9.05%
Phoenix, AZ Median Gross Rent $1,040 +4.10% +10.52%

Phoenix, AZ Real Gross Rent Trends

Median gross rent for Phoenix peaked in real terms in 2008 at $1,055 and is now $15 (1.42%) lower. Average gross rent for Phoenix peaked in real terms in 2008 at $1,084 and is now $18 (1.66%) lower.

Real Gross Rent in Phoenix: Phoenix AZ Median, Phoenix AZ Average, Arizona Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Phoenix

Date US
Median
Arizona
Median
Phoenix, AZ
Median
Phoenix, AZ
Average
2016 $981 $976 $1,040 $1,066
2015 $972 $945 $999 $1,027
2014 $942 $924 $977 $1,005
2013 $910 $895 $941 $981
2012 $898 $902 $951 $999
2011 $898 $877 $921 $966
2010 $912 $901 $942 $996
2009 $916 $935 $993 $1,038
2008 $932 $980 $1,055 $1,084
2007 $885 $919 $984 $1,029
2006 $895 $894 $953 $1,004
2005 $869 $856 $892 $930

Phoenix Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Phoenix Arizona was 5.58% according to Census ACS data.

Rental Vacancy Rate in Phoenix Arizona

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Arizona 6.41% -1.31% -2.48%
Phoenix, AZ 5.58% -2.02% -3.70%

Trends in Phoenix, AZ Rental Vacancy Rate

The rental vacancy rate in Phoenix peaked in 2009 at 13.58%. Since then it has fallen by 8.00% to 5.58%. Data records for this series originated in 2005.

Rental Vacancy Rate: Phoenix AZ, Arizona, US

Rental vacancy rate in Arizona

Historical Rental Vacancy Rate data for Phoenix

Date US Arizona Phoenix, AZ
2016 5.89% 6.41% 5.58%
2015 5.85% 7.72% 7.60%
2014 6.32% 8.11% 7.68%
2013 6.49% 8.89% 9.28%
2012 6.77% 9.01% 9.55%
2011 7.40% 10.21% 10.12%
2010 8.17% 11.07% 12.19%
2009 8.43% 12.62% 13.58%
2008 7.86% 11.33% 12.52%
2007 7.87% 9.22% 9.81%
2006 7.70% 8.18% 8.32%
2005 7.74% 8.57% 9.42%

Rent as a Fraction of Income

Using median household income data for Phoenix, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Phoenix, median monthly gross rent as a fraction of median household income was 21.49% in 2016 according to the ACS.

Phoenix Arizona Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Arizona 21.87% +0.12% -0.15%
Phoenix, AZ 21.49% +0.19% -0.17%

Trends in Phoenix, AZ Rent as a Fraction of Income

The fraction of median Phoenix household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 21.87%. Since then it has fallen by 0.38% to 21.49%.

Fraction of Income towards Rent: Phoenix AZ, Arizona, US

Percent of median household income going towards median monthly gross rent in Phoenix Arizona

Historical Data for Annual Rent as a Fraction of Income in Phoenix Arizona

Date US Arizona Phoenix, AZ
2016 20.43% 21.87% 21.49%
2015 20.63% 21.74% 21.30%
2014 20.89% 21.95% 21.79%
2013 20.78% 22.02% 21.66%
2012 20.65% 22.28% 21.87%
2011 20.70% 21.84% 21.41%
2010 20.50% 21.65% 21.03%
2009 20.12% 21.15% 20.73%
2008 19.00% 20.39% 20.03%
2007 18.66% 19.70% 19.40%
2006 18.90% 19.35% 18.81%
2005 18.89% 19.43% 18.63%

Renter Fraction in Phoenix Arizona

You can calculate the renter fraction in Phoenix in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Phoenix as a fraction of total Phoenix households. In 2016 38.27% of households were renters according to Census ACS data.

Phoenix Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Arizona 36.76% -1.33% -1.18%
Phoenix, AZ 38.27% -1.24% -0.69%

Trends in the Phoenix, AZ Renter Fraction

The Phoenix household renter fraction peaked in in 2014 at 40.43% and is now 2.16% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Phoenix AZ, Arizona, US

Fraction of renters in Phoenix

History of Phoenix Renter Fraction

Date US Arizona Phoenix, AZ
2016 36.88% 36.76% 38.27%
2015 36.97% 38.09% 39.51%
2014 36.90% 38.86% 40.43%
2013 36.50% 37.94% 38.96%
2012 36.09% 37.44% 38.44%
2011 35.42% 36.27% 37.39%
2010 34.65% 34.75% 35.73%
2009 34.13% 32.94% 33.65%
2008 33.36% 31.88% 31.58%
2007 32.80% 31.91% 31.46%
2006 32.73% 31.55% 31.38%
2005 33.10% 31.83% 31.89%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.