Matrix Multifamily Phoenix Report-June 2025

Market Overview

Phoenix’s multifamily market continued to face pressure in early 2025, with average advertised asking rents falling 3.1 percent year-over-year to $1,550 in April. Rents have shown signs of stabilization, declining just 0.2 percent over the trailing three months. Occupancy in stabilized units dropped 40 basis points year-over-year to 93.0 percent, lagging the national average of 94.4 percent. The under-construction pipeline remains elevated—nearly 35,000 units underway—though construction activity appears to be cooling following a two-year delivery surge.

About Yardi Matrix

Yardi Matrix is a leading provider of commercial real estate data and analytics spanning multifamily, office, industrial, self-storage, and other sectors. Their metro-level multifamily reports deliver timely and precise market data—including rent trends, occupancy, pipeline metrics, and market fundamentals—to support data-driven decisions for investors, operators, and analysts.