Is Phoenix, AZ a good place to invest in rental property?

Phoenix, AZ has a median modeled monthly cash flow of $-1,154 and a median cap rate of 3.3%, on a median sold price of $456,000. Prices changed -1.4% year over year.

What is the average cap rate in Phoenix, AZ?

The median cap rate across recently sold homes in Phoenix, AZ is 3.3%, based on CashFlowRE's rent and expense modeling.

What is the median home price in Phoenix, AZ?

The median sold price in Phoenix, AZ is $456,000 (about $278 per square foot).

Investing in Phoenix, AZ Real Estate

A data-driven snapshot of the Phoenix, AZ rental-property market, built from recently sold homes and CashFlowRE's per-listing investment modeling — median price, cap rate, monthly cash flow, appreciation and inventory — so you can judge the market before you ever open a listing.

$456,000Median sold price

$278Median $/sqft

3.3%Median cap rate

$-1,154Modeled cash flow / mo

-1.4%Appreciation YoY

8.9Months of supply

11,927Active listings

16,168Sold (last 12 mo)

What the Phoenix numbers say

In Phoenix, AZ, the median home sold for $456,000 (about $278 per square foot), and the typical deal models out to a 3.3% cap rate with a median $-1,154 of monthly cash flow. Sold prices moved -1.4% over the past year. Inventory sits at about 8.9 months of supply — a looser, buyer-friendly market. These are medians across recorded sales; individual properties vary widely, which is exactly what CashFlowRE scores listing by listing.

🔨 See 16 fix-and-flip deals in Phoenix — listings where the estimated after-repair value beats list price + rehab.

Other Arizona markets to compare

See Phoenix cash-flowing listings

CashFlowRE ranks every for-sale home in Phoenix, AZ by cap rate, cash-on-cash return, DSCR and monthly cash flow — so the best rental deals rise to the top. Create a free account to screen Phoenix deals, or browse the national market data.