Matt MaisonMatrix Multifamily Phoenix Report - June 2023
Yardi Matrix July 20, 2023
"Phoenix rent growth fell for the eighth month, down 0.4 percent on a T3 basis through April to $1,608, while the U.S. rate increased 0.2 percent. Development is still strong, with record new stock anticipated for 2023."
https://www.yardimatrix.com/blog/phoenix-multifamily-market-report-june-2023/
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Phoenix Multifamily Market Report – June 2023
Strong Supply Dents Rent Growth, Occupancy 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% year-over-year through April, to $1,608. Meanwhile, the national figure decelerated to 3.2%, reaching $1,709. Occupancy slid 130 basis points in the 12 months ending in March,