Leasing activity in Phoenix gained momentum in Q3, with net absorption rising 16% quarter-over-quarter to 4,870 units—defying the national trend of slowing demand.
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Supply remains the primary headwind. However, construction starts have moderated from the record-setting levels of 2022 and 2023, which should help ease supply-side pressures by 2026.
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Rental pricing and occupancy are in a near-term reset. Elevated deliveries are weighing on both, but Phoenix’s affordability, demographic growth, and in-migration support a path to stabilization as the pipeline moderates.
