Phoenix rent is below the national average — but still climbing

Phoenix rents increased 0.3% from last year, averaging $1,727, below the national average of $1,962. A typical Phoenix household needs an annual income of $69,094 to afford rent. Nationally, rent rose 2.3%, the fastest in over a year, with households needing $78,488 annually for rent, compared to nearly $99,800 for a mortgage, showing a $21,000 affordability gap.