By Anca Gagiuc | Multi-Housing News
Robust supply continues to pressure Phoenix’s multifamily market, restraining rent growth and impacting occupancy. Average advertised asking rents fell 3.1 percent year-over-year, to $1,550 in April, posting the third-lowest performance among Yardi Matrix’s top 30 metros. More recently, however, losses slowed to a 0.2 percent decline on a trailing three-month basis. New supply also pushed down occupancy in stabilized properties. The rate decreased 40 basis points year-over-year, to 93.0 percent in March, lagging the 94.4 percent U.S. average.
