Although demand for multifamily should remain high in 2024, rents should be tempered by economic conditions and a rapid supply uptick in some markets. Phoenix is expected to deliver 17,788 units in 2024—more than 5 percent of its total stock. While this translates to a short-term pause in soaring rents, the long-term outlook still shows more demand and thus a need to keep building. This is particularly true for more attainable “renter by necessity” units, for which demand and rents remain positive. The year-over-year forecast for Phoenix overall sees average rent increasing 1.3% to $1,583.