Rents in the Phoenix-Mesa-Chandler metro are continuing to cool as 2025 comes to a close, extending a pullback after years of rapid growth.
The Realtor.com® November 2025 Rental Report shows that asking rents are now meaningfully lower than last fall, placing Phoenix firmly within the national rental reset.
For renters, the shift brings relief—but affordability pressures have not disappeared.
Phoenix rents fall, easing pressure after the boom
Phoenix-Mesa-Chandler metro area posted a 4.0% year-over-year decline in median asking rent for 0- to 2-bedroom units in November…