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It’s not just the temperature in Arizona that’s hot: More than 59,000 people moved to the Phoenix metropolitan area in 2025 alone.
This influx of new Cardinals, Suns, and Diamondbacks fans pushed the population past 5.2 million, and the metro now ranks fourth nationally for growth, according to estimates from the U.S. Census. All those incoming residents need somewhere to live, and for the majority of them, that means renting. In Phoenix, new neighbors will find a rental market that has shifted in their favor, though that probably won’t last forever. Browsing apartments for rent across Phoenix’s variety of neighborhoods shows how wide the price spread can be.
Rents Are Down, and Landlords Are Dealing
Rent prices are dropping across the Phoenix metro area, with Glendale seeing decreases of more than 14 percent, Phoenix down more than 6 percent, and Tempe recording a drop of over 2 percent. The median price for a two-bedroom apartment in Scottsdale is now $2,500. (The median price in Phoenix is $1,500, and $1,300 in Glendale.)
A surge in the construction of multi-family units over the past five years has put pressure on prices and led to apartment owners offering more deals. Renters should take advantage of lower prices and landlord incentives now, because experts predict that rents will rise again next year.
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Location Is Still Everything
The Phoenix metro is anything but a single market: Rents range from around $1,347 per month in Maryvale to $2,112 per month in higher-demand neighborhoods, though the citywide average is $1,476. Downtown Phoenix currently averages $2,001 per month, with studios starting around $1,456.
Renters priced out of central Phoenix or Scottsdale have many alternatives. Suburban neighborhoods such as Gilbert, Chandler, and Peoria continue to attract families and are bolstered by strong schools and family-friendly recreational amenities. West Valley and South Phoenix neighborhoods also offer rents well below those in central urban hot spots, but longer commutes also mean higher transportation costs…and with gas prices at current levels, that can be significant.
Supply Is Slowing, but Demand Isn’t
Renters who negotiate hard now, while concessions are high and inventory is still strong, are in a better position than they’re likely to be in a year from now. Typical packages include a free month’s rent, waived application fees, reduced security deposits, or free parking. For renters, the takeaway is simple: Don’t sign a lease without asking what inducements are available, and take advantage of the current bargains as soon as possible, because they probably won’t last long.
