Phoenix rents edge higher in Q2, but remain below year-ago levels
By
Rental Beast
The quarter at a glance:
Rents edged higher across every unit type this quarter, led by 3-bedrooms at +2.4%, even as year-over-year comparisons remain negative across the board
Concessions held steady at 65.8% of listings, among the highest concession rates of any market this quarter
Days on market fell sharply to 21 (from 28), down 25.0% quarter-over-quarter
The rent-vs-buy gap widened to $997/month from $886, keeping ownership notably more expensive than renting
Median Rent by Unit Type
Phoenix is the only market in this report where every property type remains below last year's rent levels, but quarter-over-quarter increases across every segment suggest the market may be stabilizing.
Phoenix, AZ · Q2 2026
Median rent by property type
Bars show YoY % change
1BD
-1.9%
$1,316
2BD
-3.1%
$1,550
3BD
-5.0%
$1,895
SF
-4.8%
$1,999
MF
-1.3%
$1,500
Quarter over quarter: 1BD +1.2%, 2BD +1.6%, 3BD +2.4%, SF +0.2%, MF +0.4%Rental Beast
Concessions & Days on Market
Concessions remained elevated at 65.8% of listings—among the highest rates of any market this quarter—even as leasing activity accelerated.
Phoenix, AZ · Q2 2026
Concessions and days on market
65.8%
of listings offer a concession up from 65.7% last quarter (up 9.9% YoY) National median: 39.9%
Median days on market
All
21
SF
20
MF
23
All -25.0% (SF -28.6%, MF -17.9%) quarter over quarter
National median: All 22 / SF 20 / MF 24
Rental Beast
Property Managers Market Sentiment
Every property manager surveyed expects rents to hold steady, even though actual rents fell across every segment, while applicant sentiment improved modestly.
Phoenix, AZ · Q2 2026
Market sentiment
Do you expect rent prices to increase, decrease, or remain the same over the next 6 months?
Remain the same, 100%
IncreaseDecreaseRemain the same
vs. Q1 2026: 0% increase, 0% decrease, 100% remain the same
Are you currently getting more, fewer, or about the same applicants for your available rentals?
5%
21%
About the same, 74%
FewerMoreAbout the same
vs. Q1 2026: 15% fewer, 15% more, 70% about the same
Rent vs. buy: the gap approaches $1,000
Owning now costs $997 more per month than renting, up from $886 in Q1, closing in on the $1,000 mark.
Phoenix, AZ · Q2 2026
Rent vs. buy
Rent
$1,895
Buy
$2,892
$997/mo
more expensive to buy than rent. The gap widened from $886 last quarter (up $111 quarter over quarter).
Rent vs. buy gap by quarter
1Q252Q253Q254Q251Q262Q26
Median list price $500,000 (May 2026). 20% down, 6.5% rate, taxes and insuranceRental Beast
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Data provided courtesy of Arizona Regional Multiple Listing Service, Inc. Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Phoenix-Mesa-Chandler, AZ, metropolitan statistical area (MSA) as the geographical unit.
Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q2 2026 with rental building and community managers and property managers. Questions and answer choices:
Q1. Do you expect rent prices to increase, remain the same or decrease over the next 6 months? [Possible answers: Remain the same, increase, decrease]
Q2. Do you believe you are currently getting more, about the same or fewer applicants for your available rentals? [Possible answers: About the same, more, fewer]
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.
