9 renters competed for each vacant Phoenix apartment in 2023
Source: Image by Muhammad Abubakar from Pixabay.
Despite the barrage of new apartments opening in Phoenix, the market for renters in 2023 remained tight: nine people competed for each vacant unit, the same as the national average. This year-end report from RentCafe.com includes a Rent Competivity Index (RCI) examining each market for how many renters renewed leases (55.9 percent in Phoenix), the share of apartments created (3.69, far outpacing the national average of 1,89 percent), number of days a unit stayed vacant (39 versus the 38 nationally) and percentage of rentals that were occupied (93.1 percent, about on pace with 94 percent across the country).
Source: https://azbigmedia.com/real-estate/9-renters-competed-for-each-vacant-phoenix-apartment-in-2023/
