Matrix Multifamily Phoenix Report-September 2024 September 19, 2024

Rent Growth Stays Limited

Phoenix’s advertised asking rent growth decreased 10 bps on a T3 basis through July, to an average of $1,579, aftera significant 30,000 units came online over the past 31 months. But, occupancy in stabilized assets slid just 30 bps YoY to 93.4 percent as of June.