Q3 2025 Phoenix Multifamily Report

Market Overview

‍The Phoenix multifamily market is beginning a crucial rebalance in Q3 2025 with vacancy around 12 percent and average asking rent nearing $1,600 per unit. Deliveries this year topped 22,000 units while under-construction figures remain elevated. Yet, net absorption remains healthy at roughly 17,000 units year-to-date, hinting at the start of equilibrium when supply begins to ease.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a global commercial real estate advisory firm that provides data-driven research, brokerage and capital-markets services. Their Phoenix multifamily MarketBeat report integrates detailed metro-level metrics on rent, vacancy, absorption, completions and pipeline activity to help owners, developers and investors navigate timing and strategy. To read the full report, click here.