Phoenix Arizona Residential Rent and Rental Statistics
The median monthly gross residential rent in Phoenix, AZ (the Phoenix-Mesa-Glendale metro area) was $1,188 in 2019 according to the Census ACS survey.1 Average gross rent in Phoenix was $1,202 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Phoenix median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Phoenix Arizona (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Arizona Median Gross Rent | $1,101 | +4.36% | +7.73% |
| Phoenix, AZ Median Gross Rent | $1,188 | +4.49% | +9.09% |
Phoenix, AZ Real Gross Rent Trends
At $1,188, real median gross rent in Phoenix was at its highest level in 2019 since the series began in 2005. At $1,202, real average gross rent in Phoenix was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Phoenix: Phoenix AZ Median, Phoenix AZ Average, Arizona Median, US Median
Real Gross Rent History for Phoenix
| Date | US Median |
Arizona Median |
Phoenix, AZ Median |
Phoenix, AZ Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,101 | $1,188 | $1,202 |
| 2018 | $1,077 | $1,055 | $1,137 | $1,161 |
| 2017 | $1,043 | $1,052 | $1,125 | $1,140 |
| 2016 | $1,027 | $1,022 | $1,089 | $1,116 |
| 2015 | $1,017 | $990 | $1,046 | $1,076 |
| 2014 | $986 | $967 | $1,023 | $1,053 |
| 2013 | $953 | $937 | $986 | $1,027 |
| 2012 | $940 | $945 | $996 | $1,046 |
| 2011 | $941 | $918 | $965 | $1,012 |
| 2010 | $955 | $943 | $987 | $1,043 |
| 2009 | $960 | $979 | $1,039 | $1,087 |
| 2007 | $927 | $962 | $1,030 | $1,077 |
| 2005 | $910 | $896 | $934 | $974 |
Phoenix Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Phoenix Arizona was 4.98% according to Census ACS data.
Rental Vacancy Rate in Phoenix Arizona
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Arizona | 5.32% | -0.39% | -1.09% |
| Phoenix, AZ | 4.98% | -0.18% | -0.60% |
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 8.60% to 4.98%. Data records for this series originated in 2005.
Rental Vacancy Rate: Phoenix AZ, Arizona, US
Historical Rental Vacancy Rate data for Phoenix
| Date | US | Arizona | Phoenix, AZ |
|---|---|---|---|
| 2019 | 5.97% | 5.32% | 4.98% |
| 2018 | 6.15% | 5.71% | 5.16% |
| 2017 | 6.18% | 5.99% | 5.81% |
| 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% |
| 2007 | 7.87% | 9.22% | 9.81% |
| 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 21.00% in 2019 according to the ACS.
Phoenix Arizona Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Arizona | 21.29% | +0.31% | -0.58% |
| Phoenix, AZ | 21.00% | +0.19% | -0.49% |
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 0.87% to 21.00%.
Fraction of Income towards Rent: Phoenix AZ, Arizona, US
Historical Data for Annual Rent as a Fraction of Income in Phoenix Arizona
| Date | US | Arizona | Phoenix, AZ |
|---|---|---|---|
| 2019 | 20.03% | 21.29% | 21.00% |
| 2018 | 20.50% | 20.98% | 20.80% |
| 2017 | 20.13% | 21.63% | 21.29% |
| 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% |
| 2007 | 18.66% | 19.70% | 19.40% |
| 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 2019 35.45% of households were renters according to Census ACS data.
Phoenix Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Arizona | 34.74% | -0.45% | -2.02% |
| Phoenix, AZ | 35.45% | -0.65% | -2.82% |
Trends in the Phoenix, AZ Renter Fraction
The Phoenix household renter fraction peaked in in 2014 at 40.43% and is now 4.98% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Phoenix AZ, Arizona, US
History of Phoenix Renter Fraction
| Date | US | Arizona | Phoenix, AZ |
|---|---|---|---|
| 2019 | 35.89% | 34.74% | 35.45% |
| 2018 | 36.05% | 35.19% | 36.10% |
| 2017 | 36.13% | 35.28% | 36.33% |
| 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% |
| 2007 | 32.80% | 31.91% | 31.46% |
| 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. ↩
