Matrix Multifamily Phoenix Report-January 2023

Phoenix Fights Slowdown

Developers delivered 11,258 units through November, a new record high, which coupled with softening demand is rocking the multifamily market. Rents depreciated 0.4 percent on a T3 basis, and occupancy lost 160 basis points in the 12 months ending in October, dropping to 94.3 percent.

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