Q225 | Multifamily Market Report | Phoenix, AZ

Market Overview

Phoenix's multifamily market showed signs of stabilization in Q2 2025. Leasing remained resilient amid a supply-demand imbalance, positioning Phoenix among the top 10 U.S. markets for multifamily demand and as a major growth hub for new development. Although absorption strengthened alongside a wave of new deliveries, rent growth remained negative since early 2023 as supply still outpaces demand. Downtown Phoenix, Roosevelt Row, and the West Valley emerged as key development zones, particularly for Class A and build-to-rent communities, with new deliveries expected to continue through 2026.

About Matthews

Matthews Real Estate Advisors is a boutique commercial real estate firm that delivers research-driven insights and advisory services. Their multifamily market reports provide granular data—including leasing activity, sales volume, rent trends, and development pipelines—to help investors, owners, and developers make informed strategic decisions.