City Description
Phoenix, in the state of Arizona, has a population of over 1.6 million residents. Not only is it the capital of Arizona, it is also the most populous city in the state. Phoenix sits in the northeastern region of the Sonoran Desert, which means it shares a desert climate. So if you are a fan of sunshine, hot summers and mild winters then Phoenix is the place for you!
However, Phoenix isn’t just a desert city – it has an economy driven by real estate, finance and insurance, manufacturing, retail and health care. Well-known companies such as Honeywell and Intel have their specialist facilities here, with 12,000 employees at the Intel location alone.
Phoenix also has culture and arts covered in the form of the Phoenix Symphony Hall, Orpheum Theatre, Footprint Center and Comerica Theatre. Not only that, it is home to the Gammage Memorial Auditorium, the last public building designed by famous architect Frank Lloyd Wright.
There’s also something to offer sports fans in this city, as Phoenix is one of the very few cities in the country to have franchises in all four major professional sports leagues – the NFL, NBA, MLB and NHL!
Overall Average and Median Rent in Phoenix
The overall average rent per month in Phoenix ranges from $1,315 to $2,162. The overall median rent per month in Phoenix ranges from $1,481 to $1,982. These values are based on all property types, from studios up to 4 and more bedroom properties. See below for a summary of overall rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,315 | – |
| redfin.com (Jun 2022 data) | $2,162 | – |
| zillow.com | – | $1,982 |
| apartmentlist.com | – | $1,481 |
| renthop.com | – | $1,900 |
Studio Average and Median Rent in Phoenix
The average rent for a studio per month in Phoenix ranges from $1,100 to $1,119. The median rent for a studio per month in Phoenix ranges from $1,050 to $1,199. These values are based on a studio property, which is a self-contained space without separate rooms, except for the bathroom. There is no separate bedroom but usually there is an attached kitchenette. See below for a summary of studio rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,119 | – |
| rentable.co | $1,100 | – |
| zillow.com | – | $1,199 |
| zumper.com | – | $1,135 |
| renthop.com | – | $1,050 |
1 Bedroom Average and Median Rent in Phoenix
The average rent for a 1 bedroom property per month in Phoenix ranges from $1,260 to $1,315. The median rent for a 1 bedroom property per month in Phoenix ranges from $1,202 to $1,395. These values are based on all 1 bedroom property types. These can include 1 bedroom apartments, condos, townhouses and houses. 1 bedroom properties have a separate bedroom, unlike studio apartments. See below for a summary of 1 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,315 | – |
| rentable.co | $1,260 | – |
| zillow.com | – | $1,395 |
| apartmentlist.com | – | $1,202 |
| zumper.com | – | $1,291 |
| renthop.com | – | $1,250 |
2 Bedroom Average and Median Rent in Phoenix
The average rent for a 2 bedroom property per month in Phoenix ranges from $1,540 to $1,552. The median rent for a 2 bedroom property per month in Phoenix ranges from $1,454 to $1,695. These values are based on all 2 bedroom property types. These can include 2 bedroom apartments, condos, townhouses and houses. See below for a summary of 2 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $1,552 | – |
| rentable.co | $1,540 | – |
| zillow.com | – | $1,695 |
| apartmentlist.com | – | $1,454 |
| zumper.com | – | $1,602 |
| renthop.com | – | $1,597 |
3 Bedroom Average and Median Rent in Phoenix
The average rent for a 3 bedroom property per month in Phoenix ranges from $2,082 to $2,100. The median rent for a 3 bedroom property per month in Phoenix ranges from $2,199 to $2,450. These values are based on all 3 bedroom property types. These can include 3 bedroom apartments, condos, townhouses and houses. See below for a summary of 3 bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| apartments.com | $2,082 | – |
| rentable.co | $2,100 | – |
| zillow.com | – | $2,199 |
| zumper.com | – | $2,241 |
| renthop.com | – | $2,450 |
4 or More Bedroom Average and Median Rent in Phoenix
The average rent for a 4 or more bedroom property per month in Phoenix is approximately $3,000. The median rent for a 4 or more bedroom property per month in Phoenix ranges from $2,466 to $4,200. These values are based on all 4 or more bedroom property types. These can include 4 or more bedroom apartments, condos, townhouses and houses. See below for a summary of 4 or more bedroom rental prices per month from each data source we have referred to, for the month of January 2023.
| Source | Average Rent | Median Rent |
| rentable.co | $3,000 | – |
| zillow.com | – | $3,878 |
| zumper.com | – | $2,466 |
| renthop.com | – | $4,200 |
Most Expensive Neighborhoods to Rent in Phoenix
According to rentcafe.com, the below are the top 5 most expensive neighborhoods to rent in Phoenix.
- Downtown Phoenix
- Desert View
- Amber Hills
- Carefree Crossing
- Dynamite Mountain Ranch
Cheapest Neighborhoods to Rent in Phoenix
The cost of living in Arizona is lower than that of neighboring states such as Oregon, California or Washington. It’s quite possible that it is also the reason you are considering moving to Phoenix as well. And if that’s the case, then the cost of monthly rent is on the top of your criteria when looking for a property to move into. Below we cover the five most affordable neighborhoods to rent in Phoenix, Arizona, as per rent.com. Rents from the cheapest areas can start from an average of $948 per month for a 2 bedroom property.
- Lake Biltmore Village
- Melrose Woodlea
- South Mountain
- Krall’s Homesites
- Papago Gardens
Rental Trends in Phoenix
According to redfin.com’s Data Center, their average monthly rent estimate, for all of Phoenix, was $1,708 in February of 2021. This increased to $2,162 for June of 2022. That’s a notable 27% increase in a 16 month period.
Is it Cheaper to Buy or Rent in Phoenix?
The graph above shows the trend lines for average monthly rent vs monthly mortgage, based on a down payment of 5%, for Phoenix. Until about March 2022, it was actually cheaper to pay off the mortgage than to pay rent. After March, it reversed – it was now actually 20% more expensive to buy than to rent. Of course, this is just a simplified way of comparing the buy vs rent costs, and other things (renting security, home ownership costs, personal circumstances etc.) should be considered as well.
Average vs Median Rent
The average value is generally calculated by summing all available values and dividing it by the total number of values. The median value is usually obtained by ordering all values in ascending order and taking the exact middle position’s value (so that half of the values are higher and half are lower). This is why average and median values can be different.
Furthermore, average and median rental prices will vary depending on where the data is taken from. Some of the sources are based on the total collection of their own rental listings, while others are based on estimates and predictions using their own in-house methodologies and/or US Census data. Rental figures were obtained at the time of writing this article and are always changing.