PHOENIX — For Phoenix renters who have spent the past few years watching their monthly housing costs climb, the latest numbers offer a little breathing room.
Rent prices across the Phoenix metro area are falling as more apartments become available and landlords compete for tenants. The median asking rent in the Phoenix-Mesa-Chandler metropolitan area reached $1,433 in June 2026, down 4.2% from the same month last year, according to Realtor.com’s June 2026 Rent Report.
The change is especially noticeable in some Valley communities. A Zumper report found that one-bedroom rents fell by more than 14% in Glendale, just over 6% in Phoenix and more than 2% in Tempe compared with 2025.
For renters, that can mean more than simply seeing a smaller number on an apartment listing. It can mean having more choices, more time to shop around and, in some cases, more leverage when negotiating with a landlord.
A wave of new apartments
One of the biggest reasons for the change is simple: There are more apartments.
Phoenix has experienced a major wave of multifamily construction in recent years. Realtor.com reported that the city permitted 2.8 new multifamily units per 1,000 residents in 2025. Thousands of new units have entered the Valley market, giving prospective tenants more properties to choose from. That increased supply has also created more competition among apartment communities trying to fill vacant units.
Some property managers are responding with incentives, including move-in specials, reduced monthly rates, discounts for longer leases and even free months of rent. Those deals can make a significant difference for someone trying to keep housing costs within a tight monthly budget.
The trend extends beyond Phoenix. Across Arizona, the median rent was $1,675 in June, down 6.79% from a year earlier, while the number of rental properties listed statewide increased by 6.65%, according to Realtor.com.
Cheaper does not necessarily mean cheap
Still, falling rents do not mean Phoenix has suddenly become an inexpensive place to live. Many renters are still paying substantially more than they did before the pandemic, when housing costs began climbing rapidly. Nationally, June’s median asking rent remained 16.4% higher than it was in June 2019, despite rents declining for 35 consecutive months.
That distinction matters for Phoenix residents who may hear that rents are falling and expect their own housing costs to drop dramatically. The advertised price of an apartment also may not tell the whole story. A unit offering one or two months of free rent can have a lower effective monthly cost, while an apartment with a lower advertised rent may come with additional fees.
How long will the relief last?
The biggest question is whether Phoenix’s rental slowdown will continue.
If developers keep adding apartments faster than new tenants move into them, landlords could continue competing for renters. But as new units are absorbed and vacancy rates fall, that balance could shift. For now, renters have something they have not had much of in recent years: options.
The combination of falling asking rents, new apartment construction and landlord incentives gives tenants more opportunities to compare properties and negotiate.
After years of rapid rent increases, even a modest decline can feel significant to households trying to make ends meet. For Phoenix renters, the market may not be cheap — but it is becoming a little more renter-friendly.
Matt Loeschman has had two separate stints at Independent Newsmedia. He began as a reporter covering Peoria and later Surprise from 2000-2009. In 2017, he returned to Arizona and INI as the news editor of the Daily News-Sun (now the Phoenix Independent). He previously covered the Arizona Rattlers of the Indoor Football League for more than a decade.
Community: During high school football season since 2017, he contributes live postgame radio reports to the AzPreps 365 Friday Night Football Wrapup Show. He supports organizations such as Phoenix Children’s, Boys and Girls Clubs of the Valley and the American Cancer Society.
Education: The University of Texas at Austin majoring in Journalism-News and Public Affairs.
Random Fact: He can sing and he has been fortunate to meet many famous people during his journalism career including First Lady Hillary Clinton, King of Country Music George Strait and Oscar-winning actor Matthew McConaughey. Attended all 4 home games of the 2001 World Series.
Hobbies: Watching and playing a wide variety of sports, including golf, tennis, pickleball and softball. Playing PlayStation 5, working out, shopping and reading.
By 
Comments
No comments on this item Please log in to comment by clicking here