Phoenix No. 3 among cities with largest rent decline in 2023
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A recent Yardi Matrix report proves that more housing supply will help ease rents. Phoenix was number three nationwide for the largest dip in rents last year, sinking 2.2 percent due to the robust spurt of new apartments. Only Las Vegas (down 2.5 percent) and Boise (down 2.4 percent) saw steeper declines. More supply that’s in the pipeline now should open up this year and take a while to be fully absorbed. After that, we should see the usual 3 to 4 percent annual increases in asking rents.
Source: https://azbigmedia.com/real-estate/phoenix-no-3-among-cities-with-largest-rent-decline-in-2023/
