Matrix Multifamily Phoenix Report-September 2022 September 30, 2022

Phoenix Rent Growth Stalls, Investment Soars

Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3 percent on a T3 basis through July, to $1,960, trailing the U.S. rate. The softening is likely due to substantial development, with 17,000 units delivered and almost 35,000 under construction.