A new report finds metro Phoenix average asking rents declined 2.4% over the past year. Overall vacancy improved to 11.7% as demand absorbed roughly 21,000 units — matching the 21,000 units delivered — but 17,000 units remain under construction, keeping oversupply pressure elevated in downtown Phoenix, Tempe and the Southwest Valley. Owners are responding with aggressive concessions, with newly built communities frequently offering 10 or more weeks of free rent.
Read more: https://www.yardimatrix.com/media/downloads/file/8827-MatrixMultifamilyPhoenixReport-June2026
