The national multifamily market is entering a rebalancing phase, with new supply deliveries peaking and absorption strengthening, pushing occupancy to 95.1% and effective monthly rents to $1,934 in the first quarter of 2026. Metro Phoenix ranks third in the country for units under construction at 27,505, trailing only Newark and New York City, but is absorbing supply faster than it is being delivered, with 7,156 units absorbed against 5,375 delivered in Q1. Phoenix’s occupancy rate ticked up 0.4% year-over-year to 94.4%, while average effective monthly rents dipped 4.8% to $1,479.
Read more: https://www.orionprop.com/topfive/multifamily-rebalancing-nationally-phoenix-pipeline-remains-heavy/
