Zip Code: 85003 (Phoenix, Arizona) - Trend of Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily, Smooth and Seasonally Adjusted (Zillow)

Updated on March 22, 2026.

According to data from Zillow.com, the smoothed and seasonally adjusted Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily in the 85003 Zip Code (Phoenix, Arizona) in February 2026 was $1,662.063. The month over month percentage change (MoM) was -1.12%, and the year over year percentage change (YoY) was -2.84%.

The chart below shows the trend of the smoothed and seasonally adjusted ZORI for the 85003 zip code (Phoenix, Arizona). The table below shows the trend of the smoothed and seasonally adjusted ZORI, and the MoM and YoY percentage changes for the 85003 zip code (Phoenix, Arizona).

You can see similar information for other Arizona zip codes.

Note: Zillow Observed Rent Index (ZORI) is a smoothed measure of the typical observed market rate rent across a given region. ZORI is a repeat-rent index that is weighted to the rental housing stock to ensure representativeness across the entire market, not just homes currently listed for-rent.

Data Source: Zillow.
Zip Code: 85003 (Phoenix, Arizona) - Trend of Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily, Smooth and Seasonally Adjusted ($)
Zip Code: 85003 (Phoenix, Arizona) - Trend of Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily, Smooth and Seasonally Adjusted
1 – 10 of 134
Month ZORI ($) MoM Perc. Change (%) YoY Perc. Change (%)
Jan 2015 0 NaN NaN
Feb 2015 0 NaN NaN
Mar 2015 0 NaN NaN
Apr 2015 0 NaN NaN
May 2015 0 NaN NaN
Jun 2015 0 NaN NaN
Jul 2015 0 NaN NaN
Aug 2015 0 NaN NaN
Sep 2015 0 NaN NaN
Oct 2015 0 NaN NaN
Nov 2015 0 NaN NaN
Dec 2015 0 NaN NaN
Jan 2016 0 NaN NaN
Feb 2016 0 NaN NaN
Mar 2016 0 NaN NaN
Apr 2016 0 NaN NaN
May 2016 0 NaN NaN
Jun 2016 1025.922451766736 Infinity Infinity
Jul 2016 1038.7526463079453 1.25 Infinity
Aug 2016 1008.6268546469986 -2.90 Infinity
Sep 2016 1028.3263574264413 1.95 Infinity
Oct 2016 1025.2235205080872 -0.30 Infinity
Nov 2016 1077.964196570907 5.14 Infinity
Dec 2016 1081.4653987369602 0.33 Infinity
Jan 2017 1085.5273039205144 0.38 Infinity
Feb 2017 1079.037452137886 -0.60 Infinity
Mar 2017 1075.8715145603117 -0.29 Infinity
Apr 2017 1068.07868062455 -0.72 Infinity
May 2017 1079.2807253882759 1.05 Infinity
Jun 2017 1105.0277076816194 2.39 7.71
Jul 2017 1140.7045534923004 3.23 9.82
Aug 2017 1146.920045231934 0.55 13.71
Sep 2017 1141.87692969615 -0.44 11.04
Oct 2017 1171.4907525957522 2.59 14.27
Nov 2017 1154.2812254688288 -1.47 7.08
Dec 2017 1154.372454961551 0.01 6.74
Jan 2018 1118.8792444652659 -3.07 3.07
Feb 2018 1139.2443585058713 1.82 5.58
Mar 2018 1141.9735663349336 0.24 6.14
Apr 2018 1145.8103629755185 0.34 7.28
May 2018 1144.9275055001076 -0.08 6.08
Jun 2018 1167.999098013399 2.02 5.70
Jul 2018 1173.4716432257057 0.47 2.87
Aug 2018 1199.2591497020076 2.20 4.56
Sep 2018 1187.1442649399025 -1.01 3.96
Oct 2018 1210.2468973388548 1.95 3.31
Nov 2018 1213.3043238211037 0.25 5.11
Dec 2018 1230.6359038061066 1.43 6.61
Jan 2019 1201.195352547577 -2.39 7.36
Feb 2019 1214.8654770219002 1.14 6.64
Mar 2019 1222.599762710343 0.64 7.06
Apr 2019 1235.3970700543675 1.05 7.82
May 2019 1237.8994956074944 0.20 8.12
Jun 2019 1225.284475650458 -1.02 4.91
Jul 2019 1218.5130347860525 -0.55 3.84
Aug 2019 1221.2603007242044 0.23 1.84
Sep 2019 1250.1746145824668 2.37 5.31
Oct 2019 1241.384011355586 -0.70 2.57
Nov 2019 1260.5238834150143 1.54 3.89
Dec 2019 1272.829930310074 0.98 3.43
Jan 2020 1339.8228479873146 5.26 11.54
Feb 2020 1349.8281459660102 0.75 11.11
Mar 2020 1365.9443859308287 1.19 11.73
Apr 2020 1337.1576638449524 -2.11 8.24
May 2020 1333.78966711899 -0.25 7.75
Jun 2020 1339.5499234166246 0.43 9.33
Jul 2020 0 -100.00 -100.00
Aug 2020 1344.8456676534765 Infinity 10.12
Sep 2020 1325.0739574364338 -1.47 5.99
Oct 2020 1338.650716136049 1.02 7.84
Nov 2020 1366.2595828751669 2.06 8.39
Dec 2020 1441.3458062531527 5.50 13.24
Jan 2021 1437.1801583021697 -0.29 7.27
Feb 2021 1446.4843173303325 0.65 7.16
Mar 2021 1406.027507301956 -2.80 2.93
Apr 2021 1447.2584376957368 2.93 8.23
May 2021 1487.4281627044124 2.78 11.52
Jun 2021 1531.2941835235333 2.95 14.31
Jul 2021 1589.131032643798 3.78 Infinity
Aug 2021 1618.019371172906 1.82 20.31
Sep 2021 1674.124967794825 3.47 26.34
Oct 2021 1688.7617226965967 0.87 26.15
Nov 2021 1697.3508734709387 0.51 24.23
Dec 2021 1684.5441683734307 -0.75 16.87
Jan 2022 1699.746941087435 0.90 18.27
Feb 2022 1713.6776554499017 0.82 18.47
Mar 2022 1739.065130577286 1.48 23.69
Apr 2022 1739.8732355547734 0.05 20.22
May 2022 1751.7262480766942 0.68 17.77
Jun 2022 1764.6936792110453 0.74 15.24
Jul 2022 1776.2170005613984 0.65 11.77
Aug 2022 1806.3848802805348 1.70 11.64
Sep 2022 1801.1372043443137 -0.29 7.59
Oct 2022 1791.6838517937026 -0.52 6.10
Nov 2022 1766.926532067598 -1.38 4.10
Dec 2022 1767.9384180753898 0.06 4.95
Jan 2023 1766.0153869722878 -0.11 3.90
Feb 2023 1768.7739018075856 0.16 3.22
Mar 2023 1767.3770976283315 -0.08 1.63
Apr 2023 1769.2928815043613 0.11 1.69
May 2023 1771.4113232889615 0.12 1.12
Jun 2023 1747.2278631051386 -1.36 -0.99
Jul 2023 1733.332493047158 -0.79 -2.41
Aug 2023 1694.2206593619471 -2.26 -6.21
Sep 2023 1703.3083593460985 0.54 -5.43
Oct 2023 1716.9399300901766 0.80 -4.17
Nov 2023 1753.6547702161554 2.14 -0.75
Dec 2023 1751.704420148691 -0.11 -0.92
Jan 2024 1739.6541811672882 -0.69 -1.49
Feb 2024 1720.438803879742 -1.10 -2.73
Mar 2024 1724.2814129788308 0.22 -2.44
Apr 2024 1715.4588831065123 -0.51 -3.04
May 2024 1708.7849679134765 -0.39 -3.53
Jun 2024 1689.775705586731 -1.11 -3.29
Jul 2024 1696.3393275357885 0.39 -2.13
Aug 2024 1713.979937424531 1.04 1.17
Sep 2024 1717.6131971080547 0.21 0.84
Oct 2024 1724.364598526293 0.39 0.43
Nov 2024 1698.2474456543432 -1.51 -3.16
Dec 2024 1693.810923689341 -0.26 -3.30
Jan 2025 1686.948235771525 -0.40 -3.03
Feb 2025 1710.569832306993 1.40 -0.57
Mar 2025 1704.5496257173895 -0.35 -1.14
Apr 2025 1707.2810152481547 0.16 -0.48
May 2025 1705.6030636344647 -0.10 -0.19
Jun 2025 1723.7249009948005 1.06 2.01
Jul 2025 1717.0919795444643 -0.38 1.22
Aug 2025 1710.4603255259094 -0.39 -0.20
Sep 2025 1697.1905377941546 -0.78 -1.19
Oct 2025 1681.1831122284664 -0.94 -2.50
Nov 2025 1681.245841386168 0.00 -1.00
Dec 2025 1678.7076207471496 -0.15 -0.89
Jan 2026 1680.8780956167134 0.13 -0.36
Feb 2026 1662.062962962963 -1.12 -2.84