Can I use HUD Fair Market Rents as market rent?

No. HUD Fair Market Rents are a federal program benchmark set near the 40th percentile of gross rents for an area; they are not achievable market rents or a rent comp for any specific property.

How current is this data?

Each figure is labeled with its own source and vintage; the page was compiled on 2026-07-16. The underlying public series are revised by their agencies over time, so confirm the latest release before relying on any single figure.

Phoenix multifamily market data

Public-source underwriting context for a multifamily property in Phoenix, AZ. Census demographic and housing figures describe Maricopa County, Arizona; employment and house-price figures describe the Phoenix-Mesa-Chandler, AZ Metro Area; financing and vacancy indicators are national. Every figure includes its source and vintage. Verify property-level assumptions before relying on it. Checked against primary sources monthly; last refreshed 2026-07-16.

Market snapshot

Metric	Value	Source
Population (Maricopa County, Arizona)	4,559,748	Census ACS 5-Year, 2024
Median household income	$89,300	Census ACS 5-Year, 2024
Median gross rent	$1,708	Census ACS 5-Year, 2024
Median home value	$452,800	Census ACS 5-Year, 2024
Renter share of households	34.8%	Census ACS 5-Year, 2024
Housing vacancy (all units)	8.2%	Census ACS 5-Year, 2024
Metro unemployment rate	4.1% (year ago: 3.7%)	BLS LAUS, May 2026
House price index, year over year	+2.4%	FHFA all-transactions via FRED, Q1 2026
30-year mortgage rate (national)	6.49%	Freddie Mac via FRED, 2026-07-09
Rental vacancy rate (national)	7.3%	Census HVS via FRED, 2026-01-01

Maricopa County, Arizona's median gross rent was $1,708 in the Census Bureau's 2024 American Community Survey, and metro unemployment was 4.1% as of May 2026 per BLS LAUS. The FHFA all-transactions house price index changed +2.4% year over year as of Q1 2026.

County-level Census figures describe Maricopa County, Arizona; employment and price-index figures cover the metro area. Metro averages never substitute for submarket and property-level verification.

HUD Fair Market Rents (FY2026)

HUD's FY2026 Fair Market Rents for the HUD Fair Market Rent area covering Phoenix. FMRs are a federal benchmark (40th percentile gross rents), not achievable market rents for any specific property; do not treat them as a rent comp.

Studio

$1,457

1 bedroom

$1,583

2 bedroom

$1,839

3 bedroom

$2,452

Quick cap rate calculator

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NOI should be calculated from real income and expenses, never taken from a listing headline. A full underwriting case builds it line by line.

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Local rules to check in Phoenix

Arizona preempts local rent control, so there is no Phoenix rent cap to model: ARS 33-1329 makes rent regulation a matter of statewide concern and bars cities from controlling rents on private housing. The relationship is governed statewide by the Arizona Residential Landlord and Tenant Act (ARS Title 33, Chapter 10), so the diligence flags here are operational (city building, zoning, and rental-registration or code-compliance requirements) rather than rent-growth caps. Confirm the current statute and any Phoenix administrative requirements before closing.

Statutory details change; confirm current law for the specific property. This is general information, not legal or tax advice.

What to verify before underwriting multifamily in Phoenix

Tie the rent roll to actual collections. Bank deposits and the trailing twelve months should agree with the rent roll; broker proformas often assume every unit pays.
Underwrite economic vacancy (physical vacancy plus concessions, delinquency, and loss to lease), not the advertised occupancy number.
Split owner-paid from tenant-paid utilities, and confirm whether any utility reimbursement program is in place and permitted locally.
Inspect the age and condition of roofs, HVAC, plumbing, and electrical. Deferred capital expense is the most common source of year-one surprises.
Check how the county reassesses property taxes after a sale, and model the tax bill on your purchase price rather than the seller's current bill.
Review local rent regulation, licensing, and inspection requirements for the submarket before trusting any rent-growth assumption.

Questions to ask the broker or seller

Why is the seller selling, and how long have they owned the property?
What concessions are currently offered, and what is the delinquency rate?
How is the property managed today: onsite staff, third party, or self-managed?
Which capital projects were completed in the last three years, and are invoices available?
How are utilities billed to tenants, and what did the owner pay last year?
Are any units down, non-revenue, or occupied by employees?

Frequently asked

What geography do these figures cover?: Census demographic and housing figures describe Maricopa County, Arizona; employment and house-price figures describe the Phoenix-Mesa-Chandler, AZ Metro Area; financing and vacancy indicators are national. County and metro averages never substitute for submarket and property-level verification.
Can I use HUD Fair Market Rents as market rent?: No. HUD Fair Market Rents are a federal program benchmark set near the 40th percentile of gross rents for an area; they are not achievable market rents or a rent comp for any specific property.
How current is this data?: Each figure is labeled with its own source and vintage; the page was compiled on 2026-07-16. The underlying public series are revised by their agencies over time, so confirm the latest release before relying on any single figure.
Is this an appraisal or an opinion of value?: No. This page is general market information, not an appraisal, opinion of value, or investment, legal, or tax advice. Verify everything and conduct independent due diligence.

Related market data

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Sources and disclaimer

U.S. Census Bureau, American Community Survey 5-Year Estimates (2024). U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics (May 2026). FHFA All-Transactions House Price Index, via FRED. U.S. Department of Housing and Urban Development, Fair Market Rents (FY2026). Freddie Mac Primary Mortgage Market Survey, via FRED. Figures are reproduced as published by the cited sources and may be revised by those agencies. This page is general market information, not an appraisal, opinion of value, or investment, legal, or tax advice. Commercial property performance varies by submarket and asset; conduct independent due diligence.