Some metro Phoenix cities see rents dip, but don’t expect apartment bargains. Here’s why

Valley rents are softening, but demand is still outpacing supply. Even though the Phoenix metro area ranks No. 6 for the most apartment construction underway among U.S. metros now, the deficit still stands at 20,000 units. High demand among 20-to-34-year-olds from 2015 to 2020 is driving the need for more units, while NIMBYism in the West Valley in particular is slowing development.

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