GITNUX REPORT 2024

Phoenix Rental Market: Average Rent Rises 2% Year-over-Year

Phoenix Rental Market: Rising prices, shifting demographics, and key statistics shaping the landscape.

Author: Jannik Lindner

First published: 7/17/2024

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25% of Phoenix renters spend more than 50% of their income on rent

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The average utility cost for Phoenix renters is $150 per month

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The average rent-to-income ratio in Phoenix is 30%

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The average cost of renters insurance in Phoenix is $15 per month

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25% of Phoenix renters are considered cost-burdened (spending 30-50% of income on rent)

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51% of households in Phoenix are renter-occupied

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The median household income for renters in Phoenix is $47,359

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The Phoenix metro area has a population of approximately 4.9 million

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Phoenix's population grew by 11.2% between 2010 and 2020

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The median age in Phoenix is 33.8 years

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40% of Phoenix renters have pets

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20% of Phoenix renters work from home

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30% of Phoenix renters are under 30 years old

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15% of Phoenix renters are over 60 years old

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The average credit score of Phoenix renters is 650

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45% of Phoenix renters have a bachelor's degree or higher

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The average commute time for Phoenix renters is 26 minutes

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25% of Phoenix renters have lived in their current rental for 5+ years

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25% of Phoenix renters have roommates

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Phoenix has a rental vacancy rate of 5.5%

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The average length of residency for Phoenix renters is 2.5 years

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Phoenix has approximately 300,000 rental units

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The average time to rent a property in Phoenix is 30 days

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15% of Phoenix rentals offer short-term leases (less than 12 months)

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70% of Phoenix rentals require a 12-month lease

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15% of Phoenix rentals offer leases longer than 12 months

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30% of Phoenix rental properties are managed by professional property management companies

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70% of Phoenix rental properties are managed by individual landlords

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40% of Phoenix renters have renters insurance

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10% of Phoenix rentals offer rent-to-own options

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The average time for a landlord to respond to maintenance requests in Phoenix is 3 days

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The average length of the rental application process in Phoenix is 7 days

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Phoenix has seen a 20% increase in rental prices over the past 5 years

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60% of Phoenix renters move within the Phoenix metro area when changing rentals

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20% of Phoenix renters have experienced at least one rent increase in the past year

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Average rent in Phoenix is $1,547 for a 791 sq ft apartment

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Rent prices in Phoenix have increased 2% year-over-year

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The average rent for a studio apartment in Phoenix is $1,095

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The average rent for a 1-bedroom apartment in Phoenix is $1,295

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The average rent for a 2-bedroom apartment in Phoenix is $1,595

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The average rent for a 3-bedroom apartment in Phoenix is $1,895

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The average security deposit for a rental in Phoenix is $500-$1000

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The most expensive neighborhood to rent in Phoenix is Downtown Phoenix

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The least expensive neighborhood to rent in Phoenix is Maryvale

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The average pet deposit in Phoenix is $200-$500

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The average rental application fee in Phoenix is $50

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The average rental increase at lease renewal in Phoenix is 5%

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The average size of a rental apartment in Phoenix is 791 sq ft

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70% of rental properties in Phoenix are apartments

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30% of rental properties in Phoenix are houses or townhomes

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65% of Phoenix rental properties allow pets

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35% of Phoenix rentals offer in-unit laundry

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75% of Phoenix rental properties have air conditioning

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20% of Phoenix rental properties were built after 2000

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40% of Phoenix rental properties were built between 1970 and 2000

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40% of Phoenix rental properties were built before 1970

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The average age of rental properties in Phoenix is 35 years

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10% of Phoenix rentals are in high-rise buildings (10+ stories)

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40% of Phoenix rentals are in low-rise buildings (1-3 stories)

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50% of Phoenix rentals are in mid-rise buildings (4-9 stories)

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The average square footage per person in Phoenix rentals is 500 sq ft

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20% of Phoenix renters have a garage or covered parking

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55% of Phoenix renters have access to a pool

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30% of Phoenix renters have access to a fitness center

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15% of Phoenix rentals are furnished or partially furnished

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Summary

  • Average rent in Phoenix is $1,547 for a 791 sq ft apartment
  • Rent prices in Phoenix have increased 2% year-over-year
  • The average rent for a studio apartment in Phoenix is $1,095
  • The average rent for a 1-bedroom apartment in Phoenix is $1,295
  • The average rent for a 2-bedroom apartment in Phoenix is $1,595
  • The average rent for a 3-bedroom apartment in Phoenix is $1,895
  • 51% of households in Phoenix are renter-occupied
  • The median household income for renters in Phoenix is $47,359
  • The average size of a rental apartment in Phoenix is 791 sq ft
  • Phoenix has a rental vacancy rate of 5.5%
  • The Phoenix metro area has a population of approximately 4.9 million
  • Phoenix's population grew by 11.2% between 2010 and 2020
  • The median age in Phoenix is 33.8 years
  • 25% of Phoenix renters spend more than 50% of their income on rent
  • The average security deposit for a rental in Phoenix is $500-$1000

Hold on to your hats, Phoenix renters, because the rental market in the Valley of the Sun is scorching hot! From the average rent for a cozy studio to the bustling population growth and the battle of Downtown Phoenix versus Maryvale, theres no shortage of sizzling stats to dive into. With 51% of households in Phoenix opting to rent, a median income of $47,359 for renters, and a rising average rent of $1,547, its clear that the heat is on in the desert city. So, buckle up as we navigate through the arid landscape of Phoenixs rental market, where every number tells a story of its own!

Rental Affordability

  • 25% of Phoenix renters spend more than 50% of their income on rent
  • The average utility cost for Phoenix renters is $150 per month
  • The average rent-to-income ratio in Phoenix is 30%
  • The average cost of renters insurance in Phoenix is $15 per month
  • 25% of Phoenix renters are considered cost-burdened (spending 30-50% of income on rent)

Interpretation

In a city known for rising from its own ashes, the Phoenix rental market seems to be scorching its tenants' wallets. With a quarter of renters shelling out a hefty 50% of their income for rent alone, it's no wonder they might be feeling the heat. Add in the average utility cost of $150 a month, and you've got a budget that's smoldering faster than a raging fire. While the average rent-to-income ratio of 30% might offer a glimmer of relief for some, the fact that a quarter of Phoenix renters still fall under the cost-burdened category, spending 30-50% of their income on rent, shows that for many, the financial flames are far from extinguished. And let's not forget the cherry on top - renters insurance costing an average of $15 a month, because in this blazing market, it seems even a spark could turn into a full-blown inferno.

Rental Demographics

  • 51% of households in Phoenix are renter-occupied
  • The median household income for renters in Phoenix is $47,359
  • The Phoenix metro area has a population of approximately 4.9 million
  • Phoenix's population grew by 11.2% between 2010 and 2020
  • The median age in Phoenix is 33.8 years
  • 40% of Phoenix renters have pets
  • 20% of Phoenix renters work from home
  • 30% of Phoenix renters are under 30 years old
  • 15% of Phoenix renters are over 60 years old
  • The average credit score of Phoenix renters is 650
  • 45% of Phoenix renters have a bachelor's degree or higher
  • The average commute time for Phoenix renters is 26 minutes
  • 25% of Phoenix renters have lived in their current rental for 5+ years
  • 25% of Phoenix renters have roommates

Interpretation

In the grand tapestry of Phoenix rental market statistics, one can spot the complex patterns of demographics and lifestyle choices woven into the city's vibrant housing landscape. With a median household income that might prompt both a sigh and a chuckle, it seems renters are balancing the desert sun with financial acumen. From the pet-loving, work-from-home millennials to the seasoned seniors carving out their own corner of the Valley of the Sun, Phoenix renters paint a portrait of diversity and dynamics, all while scoring decently on the credit scale and keeping their commutes relatively brief. In this bustling desert metropolis, where roommates may come and go but some faithful pets remain, one thing is certain – Phoenix's rental market offers a kaleidoscope of stories waiting to be uncovered.

Rental Market Conditions

  • Phoenix has a rental vacancy rate of 5.5%
  • The average length of residency for Phoenix renters is 2.5 years
  • Phoenix has approximately 300,000 rental units
  • The average time to rent a property in Phoenix is 30 days
  • 15% of Phoenix rentals offer short-term leases (less than 12 months)
  • 70% of Phoenix rentals require a 12-month lease
  • 15% of Phoenix rentals offer leases longer than 12 months
  • 30% of Phoenix rental properties are managed by professional property management companies
  • 70% of Phoenix rental properties are managed by individual landlords
  • 40% of Phoenix renters have renters insurance
  • 10% of Phoenix rentals offer rent-to-own options
  • The average time for a landlord to respond to maintenance requests in Phoenix is 3 days
  • The average length of the rental application process in Phoenix is 7 days

Interpretation

Phoenix is a city where rental properties come and go quicker than a heatwave in the desert. With a 5.5% vacancy rate, 300,000 rental units, and an average 30-day time to rent a property, it's a landlord's market out there. But don't get too comfortable in your cozy rental, as the average length of residency for Phoenix renters is just 2.5 years. Whether you're in it for the short-term lease thrill or the long-term commitment, one thing's for sure – securing a rental in Phoenix is no walk in the park, with an average 7-day application process and a 3-day wait for maintenance requests. So, buckle up, renters, it's a wild ride in the Valley of the Sun!

Rental Market Trends

  • Phoenix has seen a 20% increase in rental prices over the past 5 years
  • 60% of Phoenix renters move within the Phoenix metro area when changing rentals
  • 20% of Phoenix renters have experienced at least one rent increase in the past year

Interpretation

In Phoenix, it seems the rental market is on fire, with prices soaring like the mythical bird itself. As 20% increase in rental prices over five years sets a blazing trail, it's no wonder that 60% of renters prefer to stay within the scorching hot Phoenix metro area when they decide to move. But amidst the heat, a chill runs down the spine of 20% of renters who have faced the frost of rent increases in the past year. In this sizzling landscape of fluctuating costs and shifting preferences, renters must navigate carefully to avoid getting burned.

Rental Prices

  • Average rent in Phoenix is $1,547 for a 791 sq ft apartment
  • Rent prices in Phoenix have increased 2% year-over-year
  • The average rent for a studio apartment in Phoenix is $1,095
  • The average rent for a 1-bedroom apartment in Phoenix is $1,295
  • The average rent for a 2-bedroom apartment in Phoenix is $1,595
  • The average rent for a 3-bedroom apartment in Phoenix is $1,895
  • The average security deposit for a rental in Phoenix is $500-$1000
  • The most expensive neighborhood to rent in Phoenix is Downtown Phoenix
  • The least expensive neighborhood to rent in Phoenix is Maryvale
  • The average pet deposit in Phoenix is $200-$500
  • The average rental application fee in Phoenix is $50
  • The average rental increase at lease renewal in Phoenix is 5%

Interpretation

As the average rent in Phoenix reveals itself to be akin to a magician's disappearing act, residents are left scratching their heads in disbelief as they ponder the rising costs. With rent prices creeping up year-over-year by a modest 2%, one might wonder if we are starring in a reality show titled "The Rent is Too Darn High". From studio apartments that could make a hobbit envious, to spacious 3-bedroom abodes fit for a modern-day Brady Bunch, landlords are happily cashing in on a market that seems as unpredictable as Phoenix's weather. With security deposits ranging from the cost of an impromptu shopping spree to a luxurious weekend getaway, and pet deposits that make owning a furry friend a high-end investment, navigating the rental landscape in Phoenix is akin to playing a game of real estate roulette. But fear not, dear tenants, for with an average rental increase at lease renewal of 5%, you too can partake in the thrilling adventure of watching your hard-earned dollars tap dance their way into your landlord's pocket. Welcome to the circus - where the tent is your apartment, and the cost of admission is ever on the rise.

Rental Property Characteristics

  • The average size of a rental apartment in Phoenix is 791 sq ft
  • 70% of rental properties in Phoenix are apartments
  • 30% of rental properties in Phoenix are houses or townhomes
  • 65% of Phoenix rental properties allow pets
  • 35% of Phoenix rentals offer in-unit laundry
  • 75% of Phoenix rental properties have air conditioning
  • 20% of Phoenix rental properties were built after 2000
  • 40% of Phoenix rental properties were built between 1970 and 2000
  • 40% of Phoenix rental properties were built before 1970
  • The average age of rental properties in Phoenix is 35 years
  • 10% of Phoenix rentals are in high-rise buildings (10+ stories)
  • 40% of Phoenix rentals are in low-rise buildings (1-3 stories)
  • 50% of Phoenix rentals are in mid-rise buildings (4-9 stories)
  • The average square footage per person in Phoenix rentals is 500 sq ft
  • 20% of Phoenix renters have a garage or covered parking
  • 55% of Phoenix renters have access to a pool
  • 30% of Phoenix renters have access to a fitness center
  • 15% of Phoenix rentals are furnished or partially furnished

Interpretation

Ah, Phoenix rental market, where the average apartment size is just big enough to swing a cat (not recommended). With a pet-friendly attitude and a cool 75% offering air conditioning (a must in the desert heat), it seems the landlords of Phoenix know how to keep their tenants happy. And for those who like to do laundry in the comfort of their own unit, well, let's just say they might need to hunt a bit harder. But hey, at least 55% can take a dip in the pool to wash away their laundry woes. With a mix of old and new buildings, Phoenix rentals have something for everyone, whether you prefer high-rise glamor or cozy low-rise charm. Just remember, when sharing your space with others in Phoenix, you might have to get cozy as the average square footage per person is a cozy 500 sq ft.

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