Phoenix Apartment Rents Post Positive Growth to Start the Year

Thanks to an influx of new apartments, rents had sunk since mid-2022 after the run-up during the pandemic. However, Phoenix saw positive rent growth in January, with the average asking rent rising 0.3%. It was the biggest increase since May 2022. Why? Fierce demand continues, with a net absorption of over 10,000 units in 2023. Discounts and concessions should continue for the time being, however, particularly in luxury communities.

Source: https://www.orionprop.com/topfive/phoenix-apartment-rents-post-positive-growth-to-start-the-year/