By Multi Housing News
Phoenix’s spring rent gains signaled some stabilization, but the metro’s annual performance remained under pressure from elevated supply. Average advertised asking rents rose 0.2 percent, on a trailing three-month basis through April, to $1,528, matching the U.S. gain to $1,758 and marking the metro’s first increase since May 2024. Still, rents were down 2.7 percent year-over-year, far steeper than the 0.2 percent U.S. decline, while the occupancy rate in stabilized properties slid 20 basis points, to 93.0 percent in March.
