Matrix Multifamily Phoenix Report-January 2025 January 29, 2025

Deliveries Weigh Down Rents in Phoenix

The 15,703 units delivered in Phoenix in 2024 through November muted growth in average advertised asking rents, down 0.4 percent on a T3 basis to $1,564. Construction activity remained high, with 36,842 units underway, nearly half of which broke ground last year.