MARKET SNAPSHOT

Phoenix q3 2026

DOWNLOAD THE FULL REPORT

AVERAGE RENT

$1,432 Q3 2026

OCCUPANCY RATE

91.5% Q3 2026

NET ABSORPTION

22,649 T4Q

ANNUAL RENT CHANGE

-2.9% Q3 2026

YoY OCCUPANCY CHANGE

50 BPS

UNIT COMPLETIONS

15,993 T4Q

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.
Click Here
The pipeline has contracted more than 60% from its 2023 peak, with trailing four-quarter starts down 25% from a year ago.
Click Here
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.
Click Here
READ THE FULL REPORT
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...

Featured Arizona Research Reports:

Joe Boyle

Joe Boyle

Senior Director

joe.boyle@mmgrea.com

Alex Blagojevich

Alex Blagojevich

Executive Managing Director / Co-Founder

alex.blagojevich@mmgrea.com

Michael-Sullivan

Michael Sullivan

Executive Managing Director / Co-Founder

michael.sullivan@mmgrea.com

To gain further insights into the Phoenix Market,
contact our LOCAL TEAM:

Please complete the form to gain access to the Phoenix Quarterly Report

Have a question?
Send us a message!

MMG Real Estate Advisors
Powered by  GDPR Cookie Compliance (opens in a new tab)
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.