As predicted, the rental market is following the rules of supply and demand in Phoenix, where rents are cooling. Why? “The primary culprit for the recent weakness is the market’s substantial supply pipeline,” as the article states. Although demand continues to be robust, supply is even stronger, with 1,100 new multifamily units so far this year and another 34,200 being built. To keep “heads in beds,” property managers are lowering rent and offering concessions, particularly in four- and five-star developments where there’s more saturation.