Phoenix’s multifamily market is grappling with oversupply and sluggish rent growth, with average asking rents down 3.1% year-over-year and occupancy dipping to 93%—below the national average. Despite a slowdown in new construction starts, more than 34,000 units remain in the pipeline, and a record 28,780 units are expected to be delivered in 2025. While job growth has weakened, Phoenix still outperforms the nation in unemployment, and massive chip factory expansions by TSMC and Intel could bring long-term stabilization.
Source: https://www.yardimatrix.com/media/downloads/file/7387-MatrixMultifamilyPhoenixReport-June2025
