Zip Code: 85012 (Phoenix, Arizona) - Trend of Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily, Smooth and Seasonally Adjusted (Zillow)
Updated on March 2, 2026.

According to data from Zillow.com, the smoothed and seasonally adjusted Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily in the 85012 Zip Code (Phoenix, Arizona) in January 2026 was $1,512.626. The month over month percentage change (MoM) was -0.22%, and the year over year percentage change (YoY) was -1.60%.

The chart below shows the trend of the smoothed and seasonally adjusted ZORI for the 85012 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 85012 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: 85012 (Phoenix, Arizona) - Trend of Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily, Smooth and Seasonally Adjusted ($)
Zip Code: 85012 (Phoenix, Arizona) - Trend of Zillow Observed Rent Index (ZORI) for All Homes Plus Multifamily, Smooth and Seasonally Adjusted
Items per page:
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Month ZORI ($) 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 0 NaN NaN
Jul 2016 0 NaN NaN
Aug 2016 0 NaN NaN
Sep 2016 0 NaN NaN
Oct 2016 0 NaN NaN
Nov 2016 0 NaN NaN
Dec 2016 0 NaN NaN
Jan 2017 0 NaN NaN
Feb 2017 0 NaN NaN
Mar 2017 0 NaN NaN
Apr 2017 0 NaN NaN
May 2017 0 NaN NaN
Jun 2017 0 NaN NaN
Jul 2017 0 NaN NaN
Aug 2017 0 NaN NaN
Sep 2017 0 NaN NaN
Oct 2017 0 NaN NaN
Nov 2017 0 NaN NaN
Dec 2017 0 NaN NaN
Jan 2018 0 NaN NaN
Feb 2018 0 NaN NaN
Mar 2018 0 NaN NaN
Apr 2018 1027.39776273359 Infinity Infinity
May 2018 1037.052985057406 0.94 Infinity
Jun 2018 1036.39844534958 -0.06 Infinity
Jul 2018 1053.7965201045486 1.68 Infinity
Aug 2018 1080.9161209195122 2.57 Infinity
Sep 2018 1094.0670870036404 1.22 Infinity
Oct 2018 1109.3302251855487 1.40 Infinity
Nov 2018 1114.0060543698555 0.42 Infinity
Dec 2018 1131.7162450726237 1.59 Infinity
Jan 2019 1130.806876873524 -0.08 Infinity
Feb 2019 1143.9753467056037 1.17 Infinity
Mar 2019 1150.2904838958557 0.55 Infinity
Apr 2019 1171.1571167764719 1.81 13.99
May 2019 1179.747492843068 0.73 13.76
Jun 2019 1192.2537662973243 1.06 15.04
Jul 2019 1213.3311657047263 1.77 15.14
Aug 2019 1222.9935747554978 0.80 13.14
Sep 2019 1236.3771524800711 1.09 13.01
Oct 2019 1228.4488764435455 -0.64 10.74
Nov 2019 1232.1619264826254 0.30 10.61
Dec 2019 1244.7001895897445 1.02 9.98
Jan 2020 1257.7390667383963 1.05 11.23
Feb 2020 1273.1079199851988 1.22 11.29
Mar 2020 1267.4115737518184 -0.45 10.18
Apr 2020 1259.834020197741 -0.60 7.57
May 2020 1237.8645909558936 -1.74 4.93
Jun 2020 1236.4946716641423 -0.11 3.71
Jul 2020 1233.1855045915054 -0.27 1.64
Aug 2020 1248.047194229009 1.21 2.05
Sep 2020 1256.4808703826764 0.68 1.63
Oct 2020 1263.908518674432 0.59 2.89
Nov 2020 1260.121362024468 -0.30 2.27
Dec 2020 1255.2720189858048 -0.38 0.85
Jan 2021 1273.4612203078575 1.45 1.25
Feb 2021 1289.1920629019996 1.24 1.26
Mar 2021 1318.1551336501439 2.25 4.00
Apr 2021 1338.7011811219243 1.56 6.26
May 2021 1379.5456834514557 3.05 11.45
Jun 2021 1429.7813197849866 3.64 15.63
Jul 2021 1475.1793815216524 3.18 19.62
Aug 2021 1514.944612850448 2.70 21.39
Sep 2021 1524.0419291069388 0.60 21.29
Oct 2021 1548.7415007526777 1.62 22.54
Nov 2021 1570.5648402572733 1.41 24.64
Dec 2021 1609.6851343128826 2.49 28.23
Jan 2022 1616.1566050449403 0.40 26.91
Feb 2022 1639.4069201266345 1.44 27.17
Mar 2022 1630.5254886084192 -0.54 23.70
Apr 2022 1636.4258992286555 0.36 22.24
May 2022 1613.5125251299253 -1.40 16.96
Jun 2022 1604.3962053680775 -0.56 12.21
Jul 2022 1605.1520606665508 0.05 8.81
Aug 2022 1593.7277577750535 -0.71 5.20
Sep 2022 1580.7149676538218 -0.82 3.72
Oct 2022 1569.193619349992 -0.73 1.32
Nov 2022 1574.9852600666277 0.37 0.28
Dec 2022 1574.1939755795536 -0.05 -2.20
Jan 2023 1567.3859112093921 -0.43 -3.02
Feb 2023 1553.4980437210777 -0.89 -5.24
Mar 2023 1564.2078474652067 0.69 -4.07
Apr 2023 1569.7010114059321 0.35 -4.08
May 2023 1570.535205483048 0.05 -2.66
Jun 2023 1550.2158663127493 -1.29 -3.38
Jul 2023 1552.342546232651 0.14 -3.29
Aug 2023 1546.894196608234 -0.35 -2.94
Sep 2023 1567.4340537679925 1.33 -0.84
Oct 2023 1559.1554514695881 -0.53 -0.64
Nov 2023 1555.827431142939 -0.21 -1.22
Dec 2023 1543.5403826156899 -0.79 -1.95
Jan 2024 1537.6711037848652 -0.38 -1.90
Feb 2024 1535.865827645412 -0.12 -1.13
Mar 2024 1538.1661637987447 0.15 -1.66
Apr 2024 1536.3873525877534 -0.12 -2.12
May 2024 1541.7972858711703 0.35 -1.83
Jun 2024 1544.0120344080844 0.14 -0.40
Jul 2024 1533.3928434394352 -0.69 -1.22
Aug 2024 1525.7691174738272 -0.50 -1.37
Sep 2024 1513.0873992361667 -0.83 -3.47
Oct 2024 1523.5086917293038 0.69 -2.29
Nov 2024 1527.9966143120876 0.30 -1.79
Dec 2024 1534.9287497928342 0.45 -0.56
Jan 2025 1537.2514695515679 0.15 -0.03
Feb 2025 1539.6823425573873 0.16 0.25
Mar 2025 1532.5460430283351 -0.46 -0.36
Apr 2025 1527.9620747745291 -0.30 -0.55
May 2025 1524.0749608866558 -0.25 -1.15
Jun 2025 1529.2244274747252 0.34 -0.96
Jul 2025 1531.8438639531475 0.17 -0.10
Aug 2025 1537.824342066377 0.39 0.79
Sep 2025 1536.286904169084 -0.10 1.53
Oct 2025 1529.4535052175763 -0.44 0.39
Nov 2025 1521.3479709317085 -0.53 -0.43
Dec 2025 1515.929241703989 -0.36 -1.24
Jan 2026 1512.6262626262626 -0.22 -1.60