Insights / Phoenix
Phoenix multifamily market, October 2026
Neither side has the edge in Phoenix, and it is holding steady: asking rents are up 0.3% on a year, while jobs grew 1.0%.
Updated October 30, 2026 · from Zillow, BLS and the US Census Bureau
What is moving now
Asking rents are up 0.3% on a year to September 2026, which is the figure the condition is read from. Jobs are up 1.0% over the same year to September 2026, a first release the BLS revises the following month. Nothing is pulling hard either way in the latest figures (September 2026).
The backdrop
These are yearly Census counts, not this month's: 7.5% of rentals sat empty in 2024, permits for new apartments were up 7% in 2025, more people moved in than out in 2025, and the typical rent was $1,819 a month in 2024. They are the background the monthly figures move against, and they are the newest the Census has published.
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Common questions about Phoenix
Answered from the data, updated October 30, 2026
Is the Phoenix rental market tight or soft right now?
In Phoenix right now, neither side has a clear edge, and it is stable.
Which way is the Phoenix market heading?
Phoenix is stable right now, as asking rents firm 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 2024 count, a yearly snapshot rather than a monthly reading (US Census Bureau).
How much have Phoenix rents changed?
Asking rents in Phoenix are up 0.3% over the past year (Zillow ZORI, monthly, latest Sep 2026).
Recent coverage
Daily, from the MetroSgnl news feed. Headlines only.
See all Phoenix news →Data: Zillow ZORI, BLS, US Census Bureau, FRED, and the MetroSgnl news feed. Recomputed daily. Market information only, not investment advice.