Phoenix one of just two places nationally where single-family rents have dipped

In a testament to what many free-market advocates have been saying, it appears that a larger supply of rental units has led to lower prices. Phoenix and Las Vegas were the only major metro areas with no single-family home rental prices March, and they even sunk slightly by two-tenths of a percent. In February, the single-family home median rent in the Valley was $2,361. The acceleration in building homes and apartments is probably a factor in the softening of rents, including about 12,100 build-to-rent homes in the pipeline in the Valley. Nationally in March, single-family rents rose only 4.3 percent, part of an 11-month slowdown. 

Source: https://www.bizjournals.com/phoenix/news/2023/05/17/single-family-rents-dip-in-phoenix-in-march.html