Invest In Apartment Buildings In Glendale, AZ

Who Rents In Glendale And Why

Glendale rents more than Arizona does. The city has 37,954 renter households, 42.8% of all households (U.S. Census ACS 2020–2024), against 32.6% statewide. Median gross rent is $1,528 a month, just under the state median of $1,543, after rising 53.3% from $997 in the 2015–2019 survey. Median household income rose 33.6% to $73,530, well behind rent, and 58.4% of renters now spend 30% or more of their income on housing. The population grew 2.0% to 252,833 and renter households grew 2.8%, so most of the rent jump came from pricing, not a wave of new renters.

Luke Air Force Base is the city's largest employer by a wide margin. Glendale's fiscal 2026–27 budget book lists Luke at 9,110 employees, followed by Banner Health at 2,510, Walmart at 1,660, Glendale Community College at 1,540, Midwestern University at 1,020, Abrazo Healthcare at 940 and Amazon at 870, along with three school districts. The Loop 303 corridor, completed in 2011, pulled industrial users west, and Transwestern counted about 4.4 million square feet of industrial space under construction in the Glendale submarket in early 2026. Red Bull and Mark Anthony Brewing, the maker of White Claw, both run production plants in the city. The planned VAI Resort, which the city describes as Arizona's largest hotel and entertainment project with more than 1,100 rooms, is expected by the city to add more than 3,000 jobs once complete. It broke ground in 2021, but its target opening has slipped from late 2023 to late 2025 and then into 2026, and in September 2025 VAI officials declined to give a date, ABC15 reported. Those jobs shouldn't be counted in a rent plan until the doors open.

For owners, that means airmen and base civilians, hospital staff, warehouse workers and students at Midwestern and Glendale Community College. Base and hospital payrolls are steady, but the high rent-burden rate limits how far rents can push in older properties.

New Supply And Falling Rents In Glendale

Glendale's rents are going the wrong way for landlords right now. Zumper data cited by The Arizona Republic in March 2026 showed Glendale's median one-bedroom rent down 14.2% to $1,030 over the year ending in February, the steepest drop in the Valley. Across metro Phoenix, more than 27,000 new rentals opened in 2025, many complexes offered one to two months free, and Yardi Matrix projected metro rents would fall more than 6% in 2026.

New projects keep landing on the west side. The 301-unit Zanjero III, four stories near 91st and Glendale avenues by Westgate, was slated to start construction in 2024, the Copper Courier reported in June 2026. Glendale has 23,501 homes in buildings with five or more units, 25.1% of its housing, up 8.6% in five years, and the median home was built in 1986.

The Census rental vacancy rate is 5.9%. That figure covers every rental, including houses, and averages 2020 to 2024, so it runs below the metro rate of 8.4% that Realtor.com data showed for 2025. HUD's fiscal 2027 two-bedroom fair market rent for the Phoenix-Mesa-Chandler metro is $1,734. For apartment syndications in Glendale, the near-term question is how long concessions last, and buyers should underwrite flat or lower rents until the 2025 supply is absorbed.

State rules work in an owner's favor on rent levels. Arizona law says cities and towns, including charter cities, have no power to control rents on private residential property, so there's no local cap to model. Taxes changed in 2025. State lawmakers voted to eliminate city taxes on residential rent, and Glendale's transaction privilege tax on long-term rentals ended on January 1, 2025, so owners no longer collect or remit it on stays of 30 days or more. Azfamily reported in February 2025 that the change cost Glendale about $13 million in revenue, roughly the size of its parks and recreation department. Stays under 30 days still owe it under the hotel classification, and owners still have to register rental property with the county assessor. On a purchase, check whether older leases passed that tax through to tenants and whether the seller's income line still counts it.

Glendale Neighborhoods We Watch

Glendale's stock shifts from older central blocks to newer product along the loops.

Glendale By The Numbers

We track 30 Arizona cities. Glendale places 20th for median gross rent, 4th for renter share and 6th for five-year rent growth. Its rents fall in the middle of the pack. Compared with the 2015–2019 survey, Glendale now has about 5,020 more residents, 1,034 more renter households and 1,861 more homes in buildings with 5 or more units. New homes in 5+ unit buildings outpaced the growth in renter households, so newer buildings are competing for tenants and older ones may need to offer more to keep them.

Glendale Compared With Maricopa County

Glendale's median gross rent of $1,528 is below the Arizona median of $1,543, and its renter share is 42.8% compared with 32.6% statewide.

Can Tenants Afford Glendale Rents?

The median rent in Glendale works out to $18,336 a year, about 24.9% of the median household income of $73,530. Under the common 30% guideline, a household needs about $61,100 a year to cover that rent comfortably. That's a heavier load than the Arizona average of 23.2%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

Since the 2015–2019 survey, the median rent rose $531 a month ($6,372 a year), while median household income rose $18,493 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,734, is 13.5% above the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Quick Facts: Glendale Rental Market

Here's the Glendale rental market in short form, with the source on every figure.

• Glendale, AZ has 252,833 residents, up 2% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Glendale, AZ is $73,530, up 33.6% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Glendale, AZ is $1,528 a month, up 53.3% over five years (U.S. Census ACS 2020–2024).
• 42.8% of households in Glendale, AZ rent, about 37,954 renter households (U.S. Census ACS 2020–2024).
• 25.1% of homes in Glendale, AZ are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Glendale, AZ is 5.9%, and 58.4% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Glendale, AZ was built in 1986 (U.S. Census ACS 2020–2024).

What We Look For In A Glendale Apartment Building

Skyline buys 5+ unit apartment buildings in Glendale that either run well today or can run better with new management or renovation. We start with rents, occupancy and the condition of the building, and we price on what the property earns now.

Property taxes are a big line item for any Arizona apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Arizona has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Arizona reflect wildfire risk, so we get a quote before we make an offer.

Given how fast rents rose here, we assume much slower rent growth going forward and make sure the deal still works if rents stay flat for a while.

Due Diligence For Apartment Syndications In Glendale

Whoever the sponsor is, these are the questions we would want answered about any apartment syndication in Glendale, based on the local numbers above.

• What vacancy does the plan assume? Rental vacancy in Glendale is 5.9%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 53.3% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Glendale was built in 1986, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Glendale Apartment Syndication Works

In an apartment syndication, Skyline acts as the general partner. We find the Glendale property, negotiate the purchase, arrange the loan and oversee management and any renovation. Limited partners put in capital and own a share of the entity that owns the building. They don't sign on the loan or deal with tenants and repairs.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

Getting Started

The first step is the investor network. It's free, and it's how we share market notes and get to know investors. If we buy in Glendale or elsewhere and you're eligible, we'll reach out privately with the details.