Multifamily Rents Fall Again in Phoenix

After stabilizing in the first half of 2023, rents slumped in metro Phoenix, dipping 0.6 percent in September and 1.2 percent in the quarter. Demand held firm with 4,800 units of cumulative net absorption (the change in the number of occupied units) in the first six months of the year, but delivery of more than 4,600 units in the third quarter saw supply outpace demand. This trend is expected to continue through the end of the year, with moderate rent growth returning in 2024. Areas with building booms like Tempe and downtown Phoenix saw the biggest drops of 1.9 and 1.8 percent, respectively, while North Scottsdale boasted a 0.7 percent gain.

Source: https://www.orionprop.com/topfive/multifamily-rents-fall-again-in-phoenix/