Phoenix, Arizona Short-Term Rental Market
Phoenix STRs averaged $273/night at 59.4% occupancy in April 2026 across approximately 33,800 active listings.
Quick Answer: Phoenix, Arizona is an active short-term rental market. average occupancy is 59%. average monthly revenue is $4,642. average daily rate is $273. the top operator is Evolve with 986 listings. market score is 50/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
The Phoenix short-term rental market is one of the largest in the United States, with approximately 33,886 active listings tracked across the metro. In April 2026 (the most recent full data month), the market posted an average daily rate of $273 and occupancy of 59.4%, yielding RevPAR of $162.01 and average monthly revenue per listing of $4,642.
Year-over-year performance continues to improve: occupancy is up 1.14 percentage points, ADR is up 3.05%, and revenue is up 3.30% compared to April 2025.
Entire-place listings dominate the supply mix, accounting for 30,371 units (89.6% of all listings), with private rooms representing 3,439 (10.1%) and shared rooms making up 76 (0.2%). By bedroom count, one-bedroom units lead at 10,397 listings, followed by two-bedroom (7,617), three-bedroom (7,310), four-bedroom (5,504), and five-bedroom-plus (3,003). The market supports a wide range of property sizes and use cases, from compact urban studios to large resort-style homes.
On the channel side, 16,245 listings appear on both Airbnb and VRBO, 14,516 are Airbnb-only, and 3,125 are VRBO-only, indicating that multi-channel distribution is the dominant strategy among Phoenix hosts.
The platform’s composite market score sits at 50.14 out of 100, with rental demand (68.21), revenue growth (69.04), and investability (65.14) as the strongest sub-scores. Seasonality scores 61.69 and regulation scores 57.43, reflecting a moderate regulatory environment and meaningful seasonal demand swings.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 65% | $199 | $3,370 |
| Feb | 74% | $249 | $4,348 |
| Mar | 76% | $273 | $5,542 |
| Apr | 57% | $227 | $3,711 |
| May | 56% | $191 | $3,005 |
| Jun | 58% | $168 | $2,630 |
| Jul | 60% | $150 | $2,461 |
| Aug | 60% | $151 | $2,449 |
| Sep | 59% | $161 | $2,466 |
| Oct | 63% | $183 | $2,988 |
| Nov | 63% | $196 | $3,160 |
| Dec | 58% | $199 | $3,153 |
Top Short-Term Rental Operators in Phoenix
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 986 | 34,477 | ★ 4.73 |
| 2 | Vacasa | 482 | 9,783 | ★ 4.56 |
| 3 | CozySuites | 332 | 4,498 | ★ 4.00 |
| 4 | Zona Multifamily | 297 | 1,800 | ★ 2.67 |
| 5 | Park Royal | 229 | 17 | ★ 4.65 |
What Kind of STR Should I Buy in Phoenix?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 10,397 |
| 2 bed | 7,617 |
| 3 bed | 7,310 |
| 4 bed | 5,504 |
| 5 bed | 3,003 |
ADR by Property Tier
| Entire Home | $292 |
| Luxury | $571 |
| Professionally Managed | $369 |
Revenue by Dwelling Type
| Apartment | $2,761 |
| Entire Place | $4,947 |
| House | $5,522 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 42.8% |
| vrbo | 9.2% |
| both | 47.9% |
Investment Analysis
Phoenix presents a measurable entry-cost-to-revenue relationship for STR investors. The typical home value in the metro sits at $411,323 (Zillow, April 2026 snapshot), while the median sale price for recently transacted properties reached $422,233. At an average monthly revenue of $4,642 for an entire-place listing in April 2026, annualized gross revenue projects to approximately $55,700, implying a gross yield of roughly 13.5% on the typical home value before operating costs, platform fees, and taxes.
Performance varies significantly by tier. Entire-place listings average $4,947 per month in revenue versus $2,761 for apartment-style units. House listings lead at $5,522 per month. On the ADR side, the overall market averages $273, while entire-home listings command $292 and professionally managed listings reach $369. Luxury-tier properties average $571 per night, though that segment represents a small share of total supply.
Year-over-year metrics point to a recovering and growing market. Revenue per listing grew 3.30% in the most recent period, ADR rose 3.05%, and occupancy improved 1.14 percentage points. The 2025 annual average ADR was $225 at 62.43% occupancy, compared to $221 and 64.16% in 2022, suggesting ADR recovery has more than offset the post-peak occupancy normalization.
The housing market shows measured dynamics: median days to pending is 23 days, inventory stands at 5,617 for-sale units metro-wide, and the sale-to-list ratio is 0.911, indicating buyers are generally paying below list price. That pricing environment may allow for negotiated entry points.
Investability scores 65.14 on the platform’s composite scale, and revenue growth scores 69.04, both above the market’s overall composite of 50.14. The professionally managed ADR premium ($369 vs $273, a $96 or 35% premium) suggests that professional management or listing optimization has measurable revenue impact in this market.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Phoenix guests book an average of 49.7 days in advance and stay an average of 4.85 nights per booking.
The 49.7-day lead time gives operators a meaningful forward-booking window to monitor demand signals before final pricing decisions. For peak months (February through March), this means most bookings for the high-demand window arrive in December and January, when pricing adjustments still have material impact. Hosts who wait for last-minute fills during peak season often leave revenue on the table relative to those who set strong rates early and adjust only if fill rates lag.
The 4.85-night average length of stay sits above the national short-term rental average of roughly 3.5 nights, which has two operational implications: lower turnover costs per booking (fewer cleaning cycles relative to occupied nights) and a guest profile that skews toward longer leisure stays or extended business trips rather than weekend-only traffic. For operators pricing minimum stays, a 4- or 5-night minimum aligns with the actual booking behavior without materially restricting the demand pool.
Taken together, the booking window and stay length suggest Phoenix guests plan ahead and commit to multi-night visits, rewarding operators who maintain competitive long-window pricing.
Short-Term Rental Regulations
Phoenix requires a Short-Term Rental Permit from the Planning and Development Department, mandatory since November 6, 2023. The permit costs $250 annually and must be renewed each year; renewal applications are due at least 15 working days before expiration. Applications are submitted through the SHAPE PHX online portal and must be approved or denied within 7 days of submission.
Key requirements for the permit include: a valid Arizona Transaction Privilege Tax (TPT) license from AZTaxes.gov; liability insurance of at least $500,000 specifically covering STR activities; a 24/7 emergency contact who can respond to complaints within 60 minutes; certified-mail notification to all property owners within 600 feet with proof of delivery; the permit number displayed on every online listing; and contact information posted within 10 feet of the primary entrance.
There is no owner-occupancy requirement and no cap on the number of rental nights per year for standard STR properties. Arizona state law pre-empts municipalities from restricting rentals based on duration alone.
The combined tax rate on gross rental income is 13.07% as of July 1, 2025: state TPT 5.5% plus Maricopa County transient lodging 1.77% plus City of Phoenix TPT 2.8% (raised from 2.3% via Ordinance G-7369, effective July 1, 2025) plus the Phoenix additional transient lodging tax of 3.0%.
ADUs are generally prohibited from STR use. An exception applies effective April 4, 2026: properties where an ADU received a certificate of occupancy on or after September 14, 2024 may operate an STR if the owner submits a notarized attestation of residing on the same property.
HOAs may impose additional restrictions that the city ordinance does not override. Enforcement severity is rated moderate.
Market Comparison
Against national benchmarks, Phoenix sits above average on both occupancy and ADR. The U.S. STR median occupancy hovers around 55% and the national median ADR is approximately $220. Phoenix’s April 2026 figures of 59.4% occupancy and $273 ADR both exceed those benchmarks, with ADR running roughly 24% above the national median.
RevPAR of $162 compares favorably to markets of similar size. The total market score of 50.14 reflects that Phoenix is a mature, large-volume market rather than a high-margin niche destination: scale is high, supply is competitive, and revenue growth is incremental rather than breakout.
On the operator side, Evolve leads the Phoenix market with 986 professionally managed listings and 34,477 reviews at a 4.734 average rating. Vacasa holds 482 listings with 9,783 reviews at a 4.564 rating. CozySuites operates 332 listings at a 4.000 rating. The top three operators together account for 1,800 listings, roughly 5.3% of the estimated total supply, meaning the Phoenix market is not heavily consolidated and individual operators compete broadly.
Seasonality scores 61.69, indicating the market has more volatility than average but is not extreme. Revenue growth at 69.04 and rental demand at 68.21 are above-median scores, pointing to ongoing demand expansion rather than a saturating market.
Frequently Asked Questions About Phoenix, Arizona
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