Phoenix Multifamily Market Report – September 2025

Market Overview

‍The metro Phoenix multifamily market entered Q3 2025 with vacancy near 11.9 percent and average asking rent at approximately $1,598 per unit, reflecting a modest 1.2 percent year-over-year decline. Although delivering more than 21,000 units year-to-date, net absorption of about 16,600 units has helped absorb much of the new supply. With the under-construction pipeline shrinking and job growth still supporting demand, the market appears poised for a rebound once new deliveries further taper.

‍About Yardi Matrix

‍Yardi Matrix is a market-driven data and analytics firm specialising in multifamily housing. Their Phoenix market report integrates metro-level rent trends, occupancy metrics, new supply statistics and investment-activity insight to help owners, developers and investors evaluate timing, risk and strategy. To read the full report, click here.