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ZIP Code · AZ

ZIP 85040

Part of Phoenix, AZ
Pop. 34,117·Maricopa County·78th most expensive ZIP in Arizona
Median rent (all units)
$1,802/mo
Year-over-Year
-3.3%
Month-over-Month
-1.3%
vs US Median
-$163
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 85040 · $1,802
More affordable than 51% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,190
1 BR
$1,300
2 BR
$1,530
3 BR
$2,070
4 BR+
$2,350
Research median
$1,530/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$21,624/yr
At $1,802/mo median
Location
StateAZ
CountyMaricopa County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 3.3% YoY), so renters have negotiating leverage.
Based on rent-price momentum (-3.3% YoY, -1.3% MoM), not inventory.
Demographics

Who lives here

ZIP 85040 (Phoenix, AZ) is roughly split between renters and owners, has a large share of families with children, has a median income below the national average, 15.4% of residents hold a bachelor's degree or higher.

Population
34,117
Median income
$60,727
Median age
31
Renters
52.1%
Age distribution
27.7%
28.2%
24.9%
Under 1827.7%
18–3428.2%
35–5424.9%
55–6410%
65+9.3%
Gender
49.7%
50.3%
Male49.7%
Female50.3%
Race & ethnicity
19.7%
16.8%
63%
White19.7%
Black16.8%
Hispanic63%
Asian2.5%
Education (25+)
31.9%
28.7%
24.1%
15.4%
No HS diploma31.9%
HS diploma28.7%
Some college24.1%
Bachelor's+15.4%
Housing tenure
47.9%
52.1%
Owner47.9%
Renter52.1%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 85040 in Phoenix, AZ has changed in 5 years

Rent
$1,484 → $1,802
up 21.4%
Income
$48,403 → $60,727
up 25.5%
Population
33,802 → 34,117
up 0.9%
Renter share
54.9% → 52.1%
-2.8 pts
Bachelor's+
11.7% → 15.4%
+3.7 pts
Median age
30 → 31
+1.0 yrs

Rent in ZIP 85040 in Phoenix, AZ has climbed 21.4% since 2021, going from about $1,484 per month to roughly $1,802 today. Census figures show median household income at $60,727 today, compared with $48,403 five years earlier. Income growth outran rent by about 4.1 percentage points, easing the affordability math somewhat compared with 2021. About 52.1% of households rent today, against 54.9% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 11.7% to 15.4%. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

Community

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Local insights

Tips for renters in ZIP 85040

About renting in ZIP 85040

Last updated: July 20, 2026

ZIP code 85040 covers Phoenix, AZ. The median rent here is $1,802/mo as of July 2026. A 1-bedroom rents for a median of $1,300/mo. A 2-bedroom rents for a median of $1,530/mo.

At 36% of local median household income ($60,727/yr), ZIP 85040 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 3.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 85040?

As of July 20, 2026, the median monthly rent in ZIP 85040 (Phoenix, AZ) is $1,802. This is based on aggregated data from public sources and community submissions.

How does ZIP 85040 rent compare to the US average?

ZIP 85040's median rent of $1,802/mo is $163 (8%) below the US national median of $1,965/mo.

How does ZIP 85040 compare to other ZIPs in Arizona?

ZIP 85040 falls in the middle range for Arizona, ranking #78 out of 185 ZIPs at $1,802/mo.

How much income do you need to rent in ZIP 85040?

To keep rent at or below 30% of gross income, you would need to earn at least $72,000/year (~$35/hour full-time) to afford the median rent of $1,802/mo in ZIP 85040. The local median household income is $60,727/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 85040?

Rent in ZIP 85040 has decreased 3.3% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 85040 an affordable place to rent?

ZIP 85040 is considered moderate for renters. At $1,802/mo, rent takes approximately 36% of the local median household income ($60,727/yr). The standard benchmark is 30%. ZIP 85040 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 85040 residents rent vs. own?

According to Census data, approximately 52.1% of ZIP 85040 households are renters, while 47.9% are owner-occupied. With a majority renter population, ZIP 85040 has a strong rental market.

How does ZIP 85040 compare to the rest of Phoenix?

ZIP 85040 is pricier than Phoenix as a whole. At $1,802/mo, it's $233 above the Phoenix citywide median of $1,569/mo.

When was rent data for ZIP 85040 last updated?

Rent data for ZIP 85040 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
36%
MODERATE

At $1,802/mo, rent takes ~36% of ZIP 85040's median household income ($60,727/yr). The standard benchmark is 30%.

ZIP 85040 36%Benchmark 30%
State income tax2.5%
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Schools nearby

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