Phoenix Multifamily Report – June 2026
Spring brought some rent improvement, but deliveries are still high.
Phoenix’s spring rent gains signaled some stabilization, but the metro’s annual performance remained under pressure from elevated supply. Average advertised asking rents rose 0.2 percent, on a trailing three-month basis through April, to $1,528, matching the U.S. gain to $1,758 and marking the metro’s first increase since May 2024. Still, rents were down 2.7 percent year-over-year, far steeper than the 0.2 percent U.S. decline, while the occupancy rate in stabilized properties slid 20 basis points, to 93.0 percent in March.
Employment rose 1.1 percent in 2025, ahead of the 0.6 percent U.S. rate. Unemployment stood at 4.2 percent in February, below Arizona’s 4.6 percent and the 4.4 percent U.S. average, according to data from the Bureau of Labor Statistics. Phoenix added 21,700 net jobs in 2025, with gains in six sectors and losses across four, led by education and health services and professional and business services, which accounted for 68 percent of jobs added. The steepest drops were in government and trade, transportation and utilities. Major demand drivers include Halo Vista, the $7 billion district under construction near TSMC, and BNSF’s $3.2 billion Logistics Park Phoenix.
Deliveries remained elevated, with 4,281 units or 1.1 percent of stock, added through April, while 25,756 units were underway. Investment volume totaled $671 million through April, while the average price per unit rose 5.9 percent year-to-date to $269,676, above the $193,181 U.S. average.
