Here’s how many renters compete for each vacant apartment in Phoenix
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The Market Competitivity Report is out detailing the number of renters competing for every vacant apartment during peak rental season across 139 U.S. markets. The verdict for Phoenix? Despite a building boom giving tenants more choices, it’s still rather competitive. Ten rental applications were submitted per unit, down from 13 a year ago, and apartments were vacant for an average of 37 days, which is four days longer than the same period in 2022. The occupancy rate was 93.3 percent—lower than the national average—and the lease renewal rate was 53.3 percent, compared to 61 percent the year prior. All this adds up to a Rental Competitive Index score of 42; the national average is 60. As 14,600 more units hit the market by the end of the year, though, competition should ease up for tenants.
