Phoenix, AZ Multifamily Market Report | MMG Real Estate Advisors | Q1 2026

Market Overview

Phoenix's multifamily market showed remarkable resilience absorbing a historic supply cycle in Q1 2026, with 5,752 units absorbed during the quarter, the strongest quarterly demand over the last decade, bringing trailing 12-month absorption to 18,603 units. Average effective rents of $1,507 remained down 3.6% year-over-year, though Q1's 0.6% sequential gain marked the first positive quarter in four, while stabilized occupancy of 91.1%, down just 60 basis points annually, suggests the correction may be approaching a floor. The construction pipeline has contracted 32% over four quarters to 18,375 units (4.2% of inventory), with trailing 12-month starts declining to 10,638 units, positioning the market firmly in late-cycle and pointing toward meaningfully lighter deliveries through 2027. NOTE: The full report requires submitting contact information through a download form; the description above reflects publicly visible market snapshot data only.

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About MMG Real Estate Advisors

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MMG Real Estate Advisors is a multifamily investment sales and research firm tracking apartment market fundamentals across the Southeast, Midwest, and beyond. Their Q1 2026 Phoenix multifamily market snapshot tracks rent, occupancy, absorption, and supply trends to help owners and investors assess market timing. To read the full report, click here.