Phoenix vacancy spike from 2023 deliveries is normalizing. Inbound migration remains positive vs. 2019 baseline. This page combines HUD Fair Market Rent anchors, ApartmentList-derived vacancy estimates, and CBRE-tier cap-rate benchmarks into one landlord-focused view.
Phoenix vacancy spike from 2023 deliveries is normalizing. Inbound migration remains positive vs. 2019 baseline.
Vacancy is currently 9.3% with a year-over-year rent change of -2.1%. Rent direction is negative. Underwrite to flat year-2 rent and require deal-level cap rates at or above the metro mid-band.
For deal-level analysis, the cap-rate calculator uses our Tier 1 benchmark (mid 5.6% for single-family). The cash-flow analyzer will give you a full P&L including debt service.
| Bedrooms | Median rent | Estimated range |
|---|---|---|
| Studio | $1,496 | $1,287 – $1,735 |
| 1 BR | $1,625 | $1,398 – $1,885 |
| 2 BR | $1,888 | $1,624 – $2,190 |
| 3 BR | $2,517 | $2,165 – $2,920 |
| 4 BR | $2,792 | $2,401 – $3,239 |
Anchored to HUD FMR for ZIP 85016, aged forward from 2025-10-01 with BLS CPI Shelter (+3.2% / yr, July 2026). Use the estimator below for a different ZIP within Phoenix.
This city's raw HUD FY2026 2BR FMR placed among the 15 prebuilt metros in markets.json. One vintage point — not a fabricated history.
Pre-filled for ZIP 85016. Change any field to re-estimate.
The HUD-anchored median 2-bedroom rent in Phoenix is approximately $1,888 with year-over-year growth of -2.1%. Individual rents vary widely by submarket and property condition — use the Rent Estimator above for a ZIP-specific number.
Phoenix sits in our Tier 1 group with an estimated cap rate band averaging 5.6% for single-family rentals and a vacancy rate of 9.3%. Phoenix vacancy spike from 2023 deliveries is normalizing. Inbound migration remains positive vs. 2019 baseline.
Single-family rental cap rates in Phoenix typically land near 5.6%, with a metro-tier band drawn from CBRE survey ranges. Run the Cap Rate Calculator for a specific deal.
Year-over-year rent change is -2.1%. Forward 12-month projection blends recent metro trend with BLS shelter CPI. Use the LandlordIQ /get_rent_growth endpoint for the live projection.
No (Arizona state preemption). Notice to vacate: 30 days. Security deposit cap: 1.5x monthly rent. AZ ARLTA caps deposits at 1.5x monthly rent. No state rent cap; municipalities preempted. Plain-English summary, not legal advice.
Data: HUD Fair Market Rents (FY2026, public, revised county file). Vacancy and rent growth are estimated blends of public datasets clearly labeled. Cap rate band is the Tier 1 benchmark from our benchmarks dataset. Regulation summary is editorial — not legal advice. See methodology.