MARKET SNAPSHOT Phoenix q3 2025

Market Overview

‍During Q3 2025 the Phoenix multifamily market is showing signs of transition. Average asking rent is approximately $1,533 per unit, occupancy stands at 91.3 percent, and year-to-date net absorption totals about 13,455 units. Annual rent change is negative at -3.4 percent, and deliveries remain elevated with 15,110 units completed through the quarter. Elevated supply continues to pressure pricing and lease-up velocity, yet moderating construction starts and strong underlying demand provide a pathway toward stabilization by 2026.

‍About MMG

‍MMG Real Estate Advisors is a U.S.-based multifamily research and advisory firm focused on metro-level rental housing markets. Their Phoenix Q3 2025 market report combines data on rent, occupancy, absorption, completions and pipeline conditions to help owners, developers and investors assess timing, risk and positioning. To read the full report, click here.