Phoenix Multifamily Report – September 2023

Phoenix had the second-slowest rent growth of any major metro area year-over-year as of July 2023 and occupancy sunk 60 basis points during that span to 93.9 percent. Meanwhile, 5,892 units came online throughout the year ending in July and another 37,606 are in the pipeline. Yardi Matrix predicts 18,571 units will open throughout the Valley in 2023, marking a 10-year peak and the second-strongest number in the nation next to Austin, with 24,145.

Source: https://www.multihousingnews.com/phoenix-multifamily-report-september-2023/