Phoenix Metro: Is 2026 the Year of Rent Relief?

U.S. rents continue falling into early 2026 after years of rapid increases.
Top 50 metro median rent is $1,693, down ~1% yearly for 28 months.
Markets that added large amounts of new housing supply are seeing the most price pressure.
Phoenix–Mesa–Chandler rents declined 4.0% yearly in November.
Large managed buildings see the biggest drops, with longer vacancies and discounts.