2025 Q3 Greater Phoenix Multifamily Market Report

Market Overview

‍Greater Phoenix held its footing in Q3 2025 as strong renter demand continued to meet an historic wave of new supply. Developers delivered 6,018 units, the highest quarterly total on record, yet occupancy still rose to 93.5 percent. Leasing strength was led by North Scottsdale and the southern submarkets, each maintaining occupancy above 94 percent. Year-to-date sales volume reached $3.2 billion, up roughly $250 million from last year, reflecting renewed investor engagement as pricing levels stabilize and long term fundamentals strengthen. Population growth, job creation and sustained household formation continue to reinforce the market’s resilience.

‍About Colliers

‍Colliers is a global real estate advisory and investment management firm serving owners, operators and investors across major U.S. markets. Its research platform provides data driven insight into rent trends, occupancy shifts, construction pipelines and capital-markets performance to inform strategy and timing. To read the full report, click here.