Phoenix apartment rents end underwhelming year on positive note

The average asking rent for a Phoenix apartment rose slightly in December, after nine months of decreases, bringing annual rent growth for the year to negative 1.9%. The decline is similar to 2023.

By comparison, Phoenix annual rent growth averaged more than 5% from 2015 to 2020. Though renter demand was high in 2024, a surge of new units tempered prices and caused overall vacancy to rise to nearly 12%.

Rent growth took the largest hit in the four-and-five-star segment, also known as Class A.

Source: https://www.orionprop.com/topfive/phoenix-apartment-rents-end-underwhelming-year-on-positive-note/