Phoenix has been one of the fastest-appreciating markets of the past decade, driven by semiconductor investment, in-migration, and a young workforce.
Median Price
$445,000
Cap Rate
5.60%
Yield
5.80%
Vacancy
7.30%
What investors should underwrite for
Phoenix's near-term rent growth has flattened, but the long-term thesis remains intact. Underwrite to 2024 rents, not 2022 peaks.
Next step
Use our rental ROI calculator with Phoenix-specific rents and taxes to run a complete deal-level analysis on any property you are considering.