Apartment rents across metro Phoenix have fallen another 4.5% since last year, giving renters more negotiating power. Prices are down nearly 12% from their 2022 peak, driven by a surge in new apartment construction and slower demand, creating one of the most tenant-friendly markets in years.
Source: https://www.abc15.com/news/local-news/watch-data-shows-rent-prices-continue-to-fall-in-the-valley
