Phoenix’s Apartment Market Saw Strongest Quarterly Gain Since 2022

In March, Phoenix’s apartment market witnessed modest rent hikes, notably surging by 0.7% in the first quarter of 2024—the most substantial increase since 2022. This rise, coupled with increased renter demand and a stabilization in vacancy rates, suggests the market may be on the mend. However, elevated concessions could challenge effective rent growth at individual properties, particularly in newly completed luxury complexes in high-construction zones like Downtown Phoenix, Tempe, and the South West Valley. The market is poised for subdued rent growth as it adjusts to recent supply surges.



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