By Paul Thompson | Austin Business Journal
The Phoenix multifamily sector finds itself in a renter’s market as 2023 winds to a close.
Phoenix rents have declined by 4.7% year-over-year, according to one recent study by ApartmentList. Rent prices dropped 1% in October, more than the national average of 0.7%. The drop brought the Valley’s median rent down to $1,422, roughly 5.1% higher than the national average. Phoenix is the No. 52 most expensive large city in the country, wedged between Jacksonville, Florida, and Norfolk, Virginia, according to ApartmentList.
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