Adara
888 N 4th St,
Phoenix, AZ 85004
$692 - $3,262 Total Monthly Price
Studio - 4 Beds | 12 Month Lease
Rental Market Trends in Phoenix, AZ
What is the average rent in Phoenix, AZ?
$1,303/month
Average Rent
681 Sq Ft
Average Apartment Size
-3.5%
Decrease in the Last Year
As of May 2026, the average rent in Phoenix, AZ is $1,303 per month. This is 21% lower than the national average rent of $1,642/month, making renting in Phoenix more affordable than most cities in the US. When you rent an apartment in Phoenix, you can expect to pay about $1,084 per month for a studio, $1,303 for a one-bedroom apartment, and around $1,570 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,081 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Phoenix, AZ?
In the past year, rent has decreased by 3.5%, which averages out to $45 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated May 2026
Legend
2025
2026
Rent Ranges in Phoenix, AZ
Last Updated May 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
14%
Below $700/month
20%
$700 - $1,000/month
41%
$1,001 - $1,500/month
18%
$1,501 - $2,000/month
7%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Phoenix?
Based on current rent prices, Garfield, Metrocenter and North Mountain are the most affordable neighborhoods in Phoenix.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Phoenix?
Based on current rent prices, Roosevelt Row, Warehouse District and Central City are the most expensive neighborhoods in Phoenix.
Neighborhood
Average Rent
Average Sq Ft
Which Phoenix neighborhoods have the most rentals available?
The neighborhoods in Phoenix with the most apartments available are Downtown Phoenix, North Phoenix and Central City .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Phoenix, AZ?
Because the average rent in Phoenix is $1,303, you’ll want to make about $4,343 per month or $52,116 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Phoenix, AZ is 5.2% higher than the national average. Generally, housing in Phoenix is 12.3% more expensive than the national average, with rent falling between $1,084 - $2,081. You can expect to pay 2.8% more for groceries, 5.9% more for utilities, and 8.8% more for transportation.
How does Phoenix, AZ compare to other nearby cities and neighborhoods?
Use the tool below to compare Phoenix, AZ to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,287/month
$1,426/month
One Bedroom
$1,529/month
$1,833/month
Two Bedroom
$1,494/month
$2,528/month
Three Bedroom
-
$3,652/month
Nearby City Rent Trends
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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.