Phoenix Multifamily Report

By Acna Gagiuc | Multi-Housing News

Phoenix’s multifamily fundamentals were a mixed bag at the end of 2024, with lagging rent performance and strong supply growth amid steady economic expansion. The average advertised asking rent declined 0.4 percent on a trailing three-month basis through November, to $1,564, contracting for six months straight. Meanwhile, occupancy in stabilized properties stood at 93.2 percent as of October, unchanged year-over-year and behind the 94.7 percent U.S. rate.

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