The rental market turned a corner in February, with prices rising 0.2% nationwide in February and trending up for the first time in half a year. On an annualized basis, rent growth remains negative at -1%, meaning that on average, new leases remain marginally cheaper than they were one year ago. But we expect the coming months to bring steady, moderate rent growth as housing demand improves but is partially offset by new construction.
For the latest data, see our full March Rent Report here. Some highlights include:
- Rents in Phoenix increased 0.1% in February, compared to a 0.2% increase nationwide.
- Year-over-year rent growth in Phoenix now stands at -4.5%, down from -2.6% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 22.7%.
- Today the median rent in Phoenix is $1,163 for a one-bedroom unit and $1,387 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 6.9%, up 0.8 percentage points from this time last year.
