Phoenix\u2019s spring rent gains signaled some stabilization, but the metro\u2019s 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\u2019s 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<\/strong><\/a>.<\/p>\n