In the steepest fall since the Great Recession, average asking rents in Phoenix plunged 0.8 percent in October. Why? As you might be able to guess by now, the answer is simple: more units. Although demand continues to be high, it hasn’t been enough to absorb all of the new units. More competition equals lower rents and more concessions; over 30 percent of properties are offering discounts and the AMA has heard about owners offering two months’ free rent. Midpriced apartments, where rents soared the most during the boom, felt the impact the most: Three-star properties sunk 1 percent in October and 3.6 percent year-over-year.