March 2026 Rental STATS Report

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SUMMARY:

Arizona Rental Market Tightens in March 2026

The Arizona rental market is showing clear signs of tightening as we head into spring 2026. While closed rentals held steady — up slightly from February — the supply side tells a different story. Active listings fell sharply by 17% from last month and are down nearly 49% compared to six months ago, signaling that available inventory is shrinking at a rapid pace.

Units under contract dropped 45% month-over-month to just 476, which may reflect fewer available homes to go under contract rather than weakening tenant demand. New listings also fell 13% from February, suggesting landlords are not rushing to bring new supply to market. Properties that are available are moving faster — average days on market dipped to 52 days.

The $1,000–$1,500 and $1,500–$2,000 price bands together account for over 62% of all closed rentals, making mid-range properties the clear sweet spot of the market. Luxury rentals above $3,000/month carry a months-of-supply figure above 4, meaning they're sitting longer. In contrast, units priced $1,500–$2,500 are moving fastest with under one month of supply.

The 24-month trend charts show average and median price per square foot on an upward trajectory heading into early 2026, particularly in the active and new rental segments. This mirrors the supply squeeze — fewer listings means landlords have more pricing power. Rental-to-list ratios (STL) remain near 100% across all price bands, confirming that homes are renting at or very close to asking price.