The Phoenix multifamily market is absorbing a surge of new supply, with rents declining year over year even as occupancy remains relatively strong. More than 60,000 units added since 2022 and continued construction are easing affordability pressures while keeping competition high for property owners.
Source: https://www.yardimatrix.com/media/downloads/file/8245-MatrixMultifamilyPhoenixReport-January2026
