Matrix Multifamily Phoenix Report-September 2023 October 01, 2023

Rent Drop Stops

Phoenix rents flattened in July on a T3 basis following a prolonged downward spell, while U.S. growth was 0.3%. With incoming inventory nearly double the 0.9% national rate, occupancy will likely continue to be impacted, having dropped 70 basis points year-over-year as of June.