{"id":4943,"date":"2022-10-13T12:24:00","date_gmt":"2022-10-13T12:24:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4943"},"modified":"2023-09-13T05:06:20","modified_gmt":"2023-09-13T05:06:20","slug":"phoenix-multifamily-market-report-september-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/","title":{"rendered":"Phoenix Multifamily Market Report &#8211; September 2022"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Phoenix Rent Growth Stalls, Investment Soars<\/h2>\n\n\n\n<p>Phoenix\u2019s economy has been in expansion mode since late last year, when it recovered all jobs lost during the pandemic. Its prospects are mostly dependent on national and global events. Expectedly, the multifamily market reacted to the positive economic performance with robust fundamentals, especially on the <strong><a href=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-june-2022\/\">supply and investment scenes<\/a><\/strong>, delivering all-time high figures. Consequences of the recent substantial supply volume reverberated in rent growth\u2014moderating since the start of the year and up just 0.3% on a T3 basis through July, to $1,690\u2014and pushed occupancy down 110 basis points in the 12 months ending in June, to 95.3%.<\/p>\n\n\n\n<p>Phoenix <strong>unemployment stood at 3.4%<\/strong> in June, according to preliminary data from the Bureau of Labor Statistics, leading the U.S. (3.6%) and trailing the state (3.3%). The job market added 81,000 positions, up 4.0% in the 12 months ending in May, with gains led by the leisure and hospitality segment (23,300 jobs). The financial activities and government sectors lost 2,800 jobs combined, but overall, the metro had 15,000 more office-using positions than it did pre-pandemic.<\/p>\n\n\n\n<p>Developers delivered 7,701 units in 2022 through July and had another 34,700 units under construction. Meanwhile, <strong>investment activity exceeded $7.5 billion<\/strong>, above the volume recorded during the same period last year, with the price per unit surpassing the $300,000 mark following a 48% annual increase.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/2804-MatrixMultifamilyPhoenixReport-September2022\">Matrix Multifamily Phoenix Report-September 2022<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:52px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Phoenix Rent Growth Stalls, Investment Soars Phoenix\u2019s economy has been in expansion mode since late last year, when it recovered all jobs lost during the pandemic. Its prospects are mostly dependent on national and global events. Expectedly, the multifamily market reacted to the positive economic performance with robust fundamentals, especially on the supply and investment [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":4944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,457],"class_list":["post-4943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","tag-phoenix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix Multifamily Market Report - September 2022 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3% on a T3 basis through July, to $1,960, trailing the U.S. rate.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Multifamily Market Report - September 2022\" \/>\n<meta property=\"og:description\" content=\"Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3% on a T3 basis through July, to $1,960, trailing the U.S. rate.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-13T12:24:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-09-13T05:06:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/10\/Phoenix-iStock-1384896149.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Phoenix Multifamily Market Report - September 2022 - Yardi Matrix Blog","description":"Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3% on a T3 basis through July, to $1,960, trailing the U.S. rate.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/","og_locale":"en_US","og_type":"article","og_title":"Phoenix Multifamily Market Report - September 2022","og_description":"Rent growth has moderated in Phoenix since the start of 2022, clocking in at 0.3% on a T3 basis through July, to $1,960, trailing the U.S. rate.","og_url":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2022-10-13T12:24:00+00:00","article_modified_time":"2023-09-13T05:06:20+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2022\/10\/Phoenix-iStock-1384896149.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2022\/"},"author":{"name":"lilianam","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/877efe30f5be34ed3f8b5f334c96a8e0"},"headline":"Phoenix Multifamily Market Report &#8211; 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