Apartment vacancy rates have climbed across most Phoenix submarkets due to record-breaking construction over the past three years. Stabilized vacancy rates are up between 150 and 210 basis points compared to 2019. The Camelback area, however, has bucked the trend, maintaining strong occupancy thanks to limited new supply.
Source: https://www.orionprop.com/topfive/most-of-the-greater-phoenix-area-facing-spike-in-apartment-vacancies/
