August 2026 Phoenix Rental STATS Report

COMMENTARY by ARMLS Staff

Quick Hits

• Active Listings: Inventory dipped slightly by 1.13% month-over-month to 4,969 listings. While active listings are up 30.80% over 6 months, they sit 19.60% lower than August 2025.
• New Listings: A total of 2,732 new listings came to market in August, down 9.42% from July and down 14.25% year-over-year.
• Closed Rentals: Closed rental transactions fell 5.45% month-over-month to 2,219, remaining 13.69% lower than last year's level.
• Days on Market (DOM): Average DOM increased 9.76% month-over-month to 45 days, though it remains 6.25% lower than the same period last year.
• Under Contract: Properties under contract totaled 840, a 6.56% drop from July but up 3.45% year-over-year.

Market Breakdown: Inventory Adjustments and Pricing Dynamics

The August 2026 rental report reveals a subtle tightening of available inventory alongside mixed pricing signals across different market tiers.

New vs. Active Supply

Month-over-month listing activity slowed down across the board. New listings dropped 9.42% from July to 2,732, which helped keep active inventory relatively stable at 4,969 units (a slight decline of 1.13%). Despite mid-term inventory expansion (+30.80% over 6 months), overall supply remains down nearly 20% compared to August 2025.

Price Range Distribution

The majority of closed rental activity remains concentrated in mid-tier price ranges:

• $1.5K–$2K: Accounts for the largest share of closed transactions at 28.80%.
• $2K–$2.5K: Represents 28.62% of all closed rentals.
• $1K–$1.5K: Holds 14.60% of the market.
• $2.5K–$3K: Captures 9.87% of transactions.
• High-end rentals ($3K+) collectively account for just over 12% of closed leases.

Months of Supply & Sold-to-List Ratios

Supply dynamics vary significantly depending on price point:

• Lower-to-mid price tiers ($1K–$3K) maintain tighter conditions, with Months of Supply (MOS) hovering between 2.02 and 2.26 months and sold-to-list (STL) ratios close to 100%.
• High-end listings ($5K+) show increased absorption time, with 4.76 Months of Supply and a slightly lower sold-to-list ratio of 98.4%.

Takeaway

The rental market is experiencing a mid-to-late summer deceleration in transaction volume and listing growth. While properties are taking slightly longer to lease than they did last month (45 days vs. ~41 days), landlords continue to capture near 100% of their asking prices in mainstream price tiers.

For property managers and landlords, competitive pricing in the $1,500–$2,500 range remains the sweet spot for rapid tenant acquisition. For renters, softer supply compared to last year means desirable, appropriately priced homes are still closing consistently.