The residential rental market in Maricopa County has continued to soften following its pandemic-era peak. According to data from Apartment List, shared by The Cromford Report on January 12, 2026, median rents have plummeted 14.1% since July 2022, while their vacancy index climbed past 8% by the end of 2025.

As build-to-rent SFH communities and giant multifamily developments flood our Valley with new inventory and aggressive tenant incentives, I'm recommending a cautious approach to evaluating demand for what traditionally have been our Sonoran Cash Cows. In this more competitive market, another coat of paint may no longer be enough to beat the bar.

Owners and Property Managers: As we begin 2026, what trends in rentals are you seeing across the Phoenix Metro area?