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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The Arizona Center for Investigative Reporting partners with Gigafact to produce fact briefs, or quick-response fact checks, about trending claims relating to Arizona.
Sources
- Apartment List, Rent Estimates (downloaded from the website)
- Bureau of Labor Statistics, Rent of primary residence in U.S. city average, all urban consumers, not seasonally adjusted
- Confirmation of data interpretation from BLS, BLS email to AZCIR
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The Arizona Center for Investigative Reporting is partnering with Gigafact to produce timely fact briefs, or quick-response fact checks, about trending claims relating to Arizona.
