{"id":6569,"date":"2023-10-18T07:01:49","date_gmt":"2023-10-18T07:01:49","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=6569"},"modified":"2024-03-12T15:47:06","modified_gmt":"2024-03-12T15:47:06","slug":"phoenix-multifamily-market-report-september-2023","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/","title":{"rendered":"Phoenix Multifamily Market Report \u2013 September 2023"},"content":{"rendered":"\n<p class=\"has-normal-font-size\">Read the latest Yardi Matrix <strong><a href=\"\/blog\/phoenix-multifamily-market-report\/\">Phoenix Multifamily Market Report<\/a><\/strong>.<\/p>\n\n\n<hr \/>\n<h2>Strong Supply Hits Rents, Occupancy<\/h2>\n<p>Phoenix rents stabilized on a trailing three-month basis through July, after 10 months of negative values, still under the pressure of consistent completions. The average rate was down year-over-year, at -3.5% as of July, marking the second-slowest rate of growth among major U.S. metros. Meanwhile, <a href=\"https:\/\/www.yardimatrix.com\/blog\/national-multifamily-market-report-september-2023\/\"><strong>national growth decelerated to 1.6%<\/strong><\/a>, reaching $1,729. Phoenix occupancy slid 60 basis points in the 12 months ending in June, to 93.9%.<\/p>\n<p><iframe id=\"datawrapper-chart-aH1MQ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Phoenix vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/aH1MQ\/1\/\" height=\"376\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive line chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Unemployment stood at 3.9% in June, slightly higher than both the Arizona (3.5%) and U.S. (3.6%) averages. Employment grew by 2.4%, or 37,500 jobs. Education and health services (19,700 jobs) led the way, while trade, transportation and utilities continued to shed positions, down by 3,300 jobs. Information, financial activities and other services also experienced losses. Meanwhile, construction expanded, as Phoenix held the country\u2019s largest industrial pipeline as of June (58.8 million square feet).<\/p>\n<p><iframe id=\"datawrapper-chart-18PBZ\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Phoenix Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/18PBZ\/1\/\" height=\"417\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Table\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p>Developers delivered 5,892 units this year through July and had an additional 37,606 units underway. Yardi Matrix expects 18,571 units to come online across Phoenix during 2023, for a decade high and the country\u2019s second-largest expected delivery volume after Austin (24,145 units). Meanwhile, investment activity slowed, with $1.3 billion trading year-to-date through July, for a price per unit that was 34% higher than the national average.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/4501-MatrixMultifamilyPhoenixReport-September2023\"><strong>Matrix Multifamily Phoenix Report-September 2023<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Strong Supply Hits Rents, Occupancy Phoenix rents stabilized on a trailing three-month basis through July, after 10 months of negative values, still under the pressure of consistent completions. The average rate was down year-over-year, at -3.5% as of July, marking the second-slowest rate of growth among major U.S. metros. Meanwhile, national growth decelerated to 1.6%, [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6570,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[475,457],"class_list":["post-6569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2023","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 \u2013 September 2023 - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Phoenix rents flattened in July on a T3 basis, while U.S. growth was 0.3%, according to Yardi Matrix data.\" \/>\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-2023\/\" \/>\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 \u2013 September 2023\" \/>\n<meta property=\"og:description\" content=\"Phoenix rents flattened in July on a T3 basis, while U.S. growth was 0.3%, according to Yardi Matrix data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-18T07:01:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-12T15:47:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.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=\"Razvan Cimpean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anda Rosu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Phoenix Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog","description":"Phoenix rents flattened in July on a T3 basis, while U.S. growth was 0.3%, according to Yardi Matrix data.","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-2023\/","og_locale":"en_US","og_type":"article","og_title":"Phoenix Multifamily Market Report \u2013 September 2023","og_description":"Phoenix rents flattened in July on a T3 basis, while U.S. growth was 0.3%, according to Yardi Matrix data.","og_url":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2023-10-18T07:01:49+00:00","article_modified_time":"2024-03-12T15:47:06+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.jpg","type":"image\/jpeg"}],"author":"Razvan Cimpean","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anda Rosu","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/"},"author":{"name":"Razvan Cimpean","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6"},"headline":"Phoenix Multifamily Market Report \u2013 September 2023","datePublished":"2023-10-18T07:01:49+00:00","dateModified":"2024-03-12T15:47:06+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/"},"wordCount":206,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.jpg","keywords":["Multifamily Outlook 2023","Phoenix"],"articleSection":["Metro Reports","Multifamily Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/","url":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/","name":"Phoenix Multifamily Market Report \u2013 September 2023 - Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.jpg","datePublished":"2023-10-18T07:01:49+00:00","dateModified":"2024-03-12T15:47:06+00:00","description":"Phoenix rents flattened in July on a T3 basis, while U.S. growth was 0.3%, according to Yardi Matrix data.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.jpg","width":1200,"height":628,"caption":"Photo by Gregory Clifford\/iStockphoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-september-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Phoenix Multifamily Market Report \u2013 September 2023"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/694c0c0a53e89aa8de1e53ff8201b3b6","name":"Razvan Cimpean","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a2a826ff843b4f800ff5528644dc28dc336a20ec16082b6108ff5a5def333e6d?s=96&d=mm&r=g","caption":"Razvan Cimpean"},"url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2023\/11\/Phoenix-iStock-1627091650.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/753"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=6569"}],"version-history":[{"count":2,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6569\/revisions"}],"predecessor-version":[{"id":7103,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/6569\/revisions\/7103"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/6570"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=6569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=6569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=6569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}