Market Snapshot | Phoenix Q2 2025

Market Overview

In Q2 2025, Phoenix’s multifamily market showed early signs of stabilization as supply and demand aligned more closely. Average rent settled at $1,556 while occupancy reached 91.5 percent. Net absorption through the first half of the year climbed to 9,140 units, compared to 10,262 completions during that same period. Although balance is improving, downward pressure on occupancy remains due to a robust pipeline of approximately 20,000 units under construction, which currently accounts for 4.7 percent of existing inventory.

About MMG

MMG Real Estate Advisors delivers multifamily market analysis and capital strategy insights across major U.S. metros. Their reports combine rental, absorption, and supply data with local context to help investors, developers, and owners understand shifting market dynamics.