Phoenix multifamily report — June 2023

Photo via Yardi Matrix

By Anca Gagiuc | Multi-Housing News

Phoenix’s robust stock expansion continues to impact rates and occupancy. The average rate posted the weakest performance among major U.S. markets, down 2.8 percent year-over-year through April, to $1,608. Meanwhile, the national figure decelerated to 3.2 percent, reaching $1,709. Occupancy slid 130 basis points in the 12 months ending in March, to 94.0 percent, with a larger decline in the Renter-by-Necessity segment.

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