PHOENIX — After years of rising costs, Arizona renters are finally seeing relief, thanks to an unprecedented surge in new housing construction.
In the Phoenix metro area, developers are delivering more rental units than at any time since the 1980s. According to Yardi Matrix, Maricopa County added 13,500 new apartments in 2023, 20,000 in 2024, and is on track for 26,000 more in 2025.
This housing boom is driving down average rent prices. In Phoenix, average rents have dropped 3.4% so far this year, down to $1,975 — $120 less than last year, Zillow reported. Phoenix now ranks among the most renter-friendly large cities in the U.S., according to WalletHub.
Statewide, the trend continues. In Tucson, rents are down 1.4% from 2024, with a median of $1,009. Flagstaff saw a 0.6% decline, bringing average monthly rent to $1,759. Cities like Goodyear, Peoria, and Surprise are now among the nation’s most affordable, fastest-growing areas.
Experts credit Arizona’s success to pro-development policies, flexible zoning, and efficient permitting. Suburban expansion and market-friendly regulations have enabled rapid construction, giving renters more options and forcing landlords to compete on price.
Housing researchers say the formula is simple: supply reduces cost. “Communities that produce plenty of housing improve conditions for renters,” said Cornell University’s Sara Bronin.
With more apartments and build-to-rent homes in the pipeline, housing advocates believe Arizona is setting a national example on how to address affordability — by building more.
