{"id":7608,"date":"2024-02-14T09:05:00","date_gmt":"2024-02-14T09:05:00","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=7608"},"modified":"2024-07-29T09:26:12","modified_gmt":"2024-07-29T09:26:12","slug":"january-2024-phoenix-multifamily-market-report","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/january-2024-phoenix-multifamily-market-report\/","title":{"rendered":"Phoenix\u00a0Multifamily Market Report \u2013 January 2024"},"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>Supply Marks New Record, Rents Decline<\/h2>\n<p>Responding to the surge in demand and rent growth, developers expanded Phoenix\u2019s pipeline in recent years, but now the metro has reached the tail end of its stellar post-pandemic performance. The average asking rent contracted <a href=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-january-2023\/\"><strong>3.7% on a year-over-year<\/strong><\/a> basis through November, posting the second-weakest performance among Yardi Matrix\u2019s top 30 metros. At $1,583, Phoenix was still affordable compared to the U.S. figure, which inched up 0.4% during the year, to $1,713. Meanwhile, occupancy held on surprisingly well, declining just 60 basis points in the 12 months ending in October, to 93.4%.<\/p>\n<p><iframe id=\"datawrapper-chart-A9u3j\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Phoenix vs. National Rent Growth (Trailing 3 Months)\" src=\"https:\/\/datawrapper.dwcdn.net\/A9u3j\/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}}}))}();<\/script><\/p>\n<p>Phoenix\u2019s employment market expanded 2.1% in the 12 months ending in September, 20 basis points behind the U.S. rate. While three sectors lost jobs\u2014information (-2,700 jobs), other services (-1,500) and manufacturing (-500)\u2014the bulk of the 51,700 positions added were in the education and health services (20,700 jobs), leisure and hospitality (9,600) and government (7,700) sectors.<\/p>\n<p><iframe id=\"datawrapper-chart-27Wz4\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Phoenix Employment Share by Sector\" src=\"https:\/\/datawrapper.dwcdn.net\/27Wz4\/1\/\" height=\"423\" 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>Deliveries marked a new decade-high, amounting to 11,980 units through November, and unlike the national trend, new construction starts in 2023 increased from 2022\u2019s volume. The pipeline had 35,088 units under construction. Meanwhile, investment moderated, with $2.5 billion in multifamily assets changing hands, for a price per unit that fell 14.6% from 2022 rates, to $272,467 as of November.<\/p>\n<p>Read the full Yardi Matrix Phoenix Multifamily Market Report: <a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/5061-MatrixMultifamilyPhoenixReport-January2024\"><strong>January 2024<\/strong><\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Supply Marks New Record, Rents Decline Responding to the surge in demand and rent growth, developers expanded Phoenix\u2019s pipeline in recent years, but now the metro has reached the tail end of its stellar post-pandemic performance. The average asking rent contracted 3.7% on a year-over-year basis through November, posting the second-weakest performance among Yardi Matrix\u2019s [&hellip;]<\/p>\n","protected":false},"author":753,"featured_media":6803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[511,457],"class_list":["post-7608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2024","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\u00a0Multifamily Market Report \u2013 January 2024 - Yardi Matrix Blog<\/title>\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\/january-2024-phoenix-multifamily-market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix\u00a0Multifamily Market Report \u2013 January 2024\" \/>\n<meta property=\"og:description\" content=\"Supply Marks New Record, Rents Decline Responding to the surge in demand and rent growth, developers expanded Phoenix\u2019s pipeline in recent years, but now the metro has reached the tail end of its stellar post-pandemic performance. The average asking rent contracted 3.7% on a year-over-year basis through November, posting the second-weakest performance among Yardi Matrix\u2019s [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/january-2024-phoenix-multifamily-market-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-14T09:05:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-29T09:26:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2024\/02\/Phoenix-iStock-1473789386.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=\"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\u00a0Multifamily Market Report \u2013 January 2024 - Yardi Matrix Blog","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\/january-2024-phoenix-multifamily-market-report\/","og_locale":"en_US","og_type":"article","og_title":"Phoenix\u00a0Multifamily Market Report \u2013 January 2024","og_description":"Supply Marks New Record, Rents Decline Responding to the surge in demand and rent growth, developers expanded Phoenix\u2019s pipeline in recent years, but now the metro has reached the tail end of its stellar post-pandemic performance. 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