CalculateRealEstateROI

Market Research

Phoenix, AZ — Investment Research

Phoenix has been one of the fastest-appreciating markets of the past decade, driven by semiconductor investment, in-migration, and a young workforce.

Reviewed by Keiron Brown, Founder & Editor, CalculateRealEstateROI · Educational estimates only — not investment, financial, tax, or legal advice

Opportunity
60
Future Outlook
82
Grade
C
Cap Rate
5.6%

Market Commentary

Phoenix's near-term rent growth has flattened, but the long-term thesis remains intact. Underwrite to 2024 rents, not 2022 peaks.

Fundamentals

Median Price
$445,000
Median Rent
$2,150
per month
Yield
5.8%
Pop Growth
1.4%
Job Growth
2.5%
Vacancy
7.3%

Investment Pros / Cons

  • ✓ TSMC and chip-sector investment
  • ✓ Low regulation
  • ✓ Strong rental demand
  • × Water-supply concerns long-term
  • × Cooling rents after 2022 peak
  • × Summer cooling costs hurt NOI