Insights / Phoenix
Phoenix, AZ Multifamily Market Read | September 2026
Phoenix reads Balanced and Cooling, so neither side has a clear edge. Asking rents are about flat over the past year (Zillow ZORI, monthly, latest Aug 2026). This brief lays out what the current data shows for Phoenix, grouped by how often each source updates.
Updated September 20, 2026
What is moving now (monthly)
Asking rents are about flat over the past year (Zillow ZORI, monthly, latest Aug 2026). Jobs are growing modestly, up 0.9% over the past year (BLS, monthly, latest Aug 2026).
The backdrop (yearly, US Census Bureau)
Vacancy was 7.5%, on the high side, giving renters more choice, in the 2024 count (US Census Bureau). This is a yearly snapshot, not a monthly signal. New permitting was moderate, +7.0% in the 2025 count (US Census Bureau, building permits). A standing yearly figure, not a live signal. Net migration was positive at +4.3 per 1,000 residents in the 2025 count (US Census Bureau).
Rent context
The metro median rent, including utilities, was about $1,819 a month in the 2024 count (US Census Bureau).
What the data shows
Taken together, Phoenix is Balanced and cooling: neither side has a clear edge. The monthly movers, asking rent and jobs, are the live part of the picture, while vacancy, permitting, and migration are yearly snapshots that set the backdrop. MetroSgnl reads the market from public data and shows every figure with its source and cadence. This is market information, not investment advice, and not a recommendation about any property.
Is the Phoenix rental market tight or soft right now?
Phoenix reads Balanced right now, so neither side has a clear edge.
Which way is the Phoenix market heading?
Phoenix is cooling right now, as asking rents stay about flat over the past year (Zillow ZORI, monthly).
Is Phoenix a landlord's or a renter's market?
Phoenix is a balanced market right now, with neither side holding a clear edge.
What is the vacancy rate in Phoenix?
Vacancy in Phoenix is 7.5% in the Jan 2024 count, a yearly snapshot rather than a live monthly signal (US Census Bureau).
How much have Phoenix rents changed?
Asking rents in Phoenix are about flat over the past year (Zillow ZORI, monthly, latest Aug 2026).
Recent coverage
Daily, from the MetroSgnl news feed. Headlines only.
Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.