Spring Rent Gains, Overall Recovery Pending
Phoenix’s spring rent gains signaled some stabilization, but the metro’s annual performance remained under pressure from elevated supply. Average advertised asking rents rose 0.2%, on a trailing three-month basis through April, to $1,528, matching the U.S. gain to $1,758 and marking the metro’s first increase since May 2024. Still, rents were down 2.7% year-over-year, far steeper than the 0.2% U.S. decline, while the occupancy rate in stabilized properties slid 20 basis points, to 93.0% in March, as reported by the national multifamily market outlook.
Employment growth rose 1.1% in 2025, ahead of the 0.6% U.S. rate. Unemployment stood at 4.2% in February, below Arizona’s 4.6% and the 4.4% U.S. average, according to data from the Bureau of Labor Statistics. Phoenix added 21,700 net jobs in 2025, with gains in six sectors and losses across four, led by education and health services and professional and business services, which accounted for 68% of jobs added. The steepest drops were in government and trade, transportation and utilities. Major demand drivers include Halo Vista, the $7 billion district under construction near TSMC, and BNSF’s $3.2 billion Logistics Park Phoenix.
Deliveries remained elevated, with 4,281 units or 1.1% of stock, added through April, while 25,756 units were underway. Investment volume totaled $671 million through April, while the average price per unit rose 5.9% year-to-date to $269,676, above the $193,181 U.S. average.
Read the full Yardi Matrix Phoenix Multifamily Market Report: June 2026
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