Rent Tracker
Rent Inflation in Phoenix, AZ
The average asking rent in Phoenix, AZ is $1,742/month as of 2026-05. That is -0.3% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$1,742/mo
as of 2026-05
Year-over-Year Change
-0.3%
24-Month Rent Trend
Monthly ZORI index values for Phoenix, AZ.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-05 | $1,742 | +0.29% |
| 2026-04 | $1,737 | +0.23% |
| 2026-03 | $1,733 | +0.35% |
| 2026-02 | $1,727 | +0.41% |
| 2026-01 | $1,720 | +0.00% |
| 2025-12 | $1,720 | -0.29% |
| 2025-11 | $1,725 | -0.46% |
| 2025-10 | $1,733 | -0.29% |
| 2025-09 | $1,738 | -0.11% |
| 2025-08 | $1,740 | -0.23% |
| 2025-07 | $1,744 | -0.06% |
| 2025-06 | $1,745 | -0.11% |
| 2025-05 | $1,747 | -0.11% |
| 2025-04 | $1,749 | +0.11% |
| 2025-03 | $1,747 | +0.46% |
| 2025-02 | $1,739 | +0.46% |
| 2025-01 | $1,731 | +0.12% |
| 2024-12 | $1,729 | -0.40% |
| 2024-11 | $1,736 | -0.52% |
| 2024-10 | $1,745 | -0.51% |
| 2024-09 | $1,754 | -0.17% |
| 2024-08 | $1,757 | +0.00% |
| 2024-07 | $1,757 | +0.06% |
| 2024-06 | $1,756 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices