Occupancy Holds Amid High Supply
The Phoenix multifamily market continued to adjust to elevated supply in late 2025. Advertised asking rents slid 0.6%, on a trailing three-month basis through November 2025, 30 basis points below the U.S. figure, to an average of $1,519. Phoenix rents were down 4.1% year-over-year through November, the second-lowest rate recorded among Yardi Matrix’s top 30 metros, while the U.S. figure inched up 0.2%, to $1,740, as reported by the national multifamily market outlook. The occupancy rate in stabilized properties, however, rose to 93.4% in October, in the context of more than 60,000 units added since January 2022.
Phoenix’s employment growth rebounded to 0.6% year-over-year through August, trailing the 0.8% U.S. rate. Unemployment was 4.1% in September—on par with the state (4.1%) and below the U.S. (4.3%) rates. Employers added 35,900 net jobs over the 12 months ending in August, with seven sectors recording gains—led by education and health services (19,700 jobs)—while three sectors lost 2,000 jobs combined. Supporting the metro’s expansion, Valley Metro’s $1.3 billion South Central Extension/Downtown Hub opened last June, while Amkor Technology is developing an advanced semiconductor campus in Peoria.
Developers added 18,201 units in 2025 through November, while nearly half of the 28,136 units under construction broke ground in 2025’s first 11 months. Meanwhile, investors traded more than $3.5 billion in assets during the same period.
Read the full Yardi Matrix Phoenix Multifamily Market Report: January 2026
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