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Thursday, May. 14, 2026

Have rents for newly leased apartments in Phoenix decreased since 2022?

Mia Osmonbekov, Arizona Center for Investigative Reporting
yes

Median rents for new apartment leases in Phoenix are lower now than they were at the start of 2022, according to rent estimates conducted by Apartment List.

Apartment List estimates show the median starting rent in Phoenix peaked in July 2022 at $1,491. By April 2026, that number had fallen to $1,250—a 16% decrease. 

While rents for newly leased apartments have declined, overall housing costs in Phoenix have continued to rise. The city saw a 2.8% increase in rent prices from March 2023 to March 2026, according to the U.S. Bureau of Labor Statistics, compared with a 12.7% national increase during the same period. 

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