$0
Average Rent
$1,432 average rent in Phoenix, Q3 2026
0%
Occupancy Rate
92% occupancy rate Phoenix, Q3 2026
0
T4Q Net Absorption
22,649 T4Q net absorption in Phoenix, Q3 2026
0%
Annual Rent Change
-3% annual rent change in Phoenix, Q3 2026
0
BPS Annual Occupancy Change
50 BPS annual occupancy change in Phoenix, Q3 2026
0
T4Q Unit Completions
15,993 T4Q net absorption in Phoenix, Q3 2026
KEY TAKEAWAYS
- Renter demand in Phoenix accelerated sharply, with trailing four-quarter absorption up 41% from a year ago and all 15 submarkets in the metro posting positive net absorption.
- The pipeline has contracted more than 60% from its 2023 peak, with trailing four-quarter starts down 25% from a year ago.
- Occupancy improved to 91.5%, now leading the Southwest region, while rent growth remained in negative territory, though the annual decline has narrowed considerably from a trough earlier this year.
MARKET OUTLOOK
Phoenix’s recovery should continue through the next several quarters, with the rent story improving faster than the occupancy story. Annual rent growth is projected to turn positive by mid-2027…
Phoenix Advisors
Contact Our Local Team
Region
West / Pacific & Mountain West
Office Location
Arizona
License Number
BR671048000
Phone
Email
Recent Pacific & Mountain West Research
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