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\u2019s top 30 metros, while the U.S. figure inched up 0.2%, to $1,740, as reported by the national multifamily market outlook<\/strong><\/a>. 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.<\/p>\n