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Phoenix Multifamily Market Report Q1 2026
The Phoenix multifamily market in Q2 2026 experienced improving fundamentals with vacancy declining to 11.3% (down 40 basis points year-over-year) and net absorption of 9,414 units year-to-date (up 50.24% compared to the prior year period), while construction pipeline activity contracted 35.45% to 15,974 units under construction. Average asking rents declined 2.17% year-over-year to $1,536 per month, cap rates compressed to 5.8% from 6.6%, and average sale price per unit increased 3.64% to $266,672, reflecting stronger investor sentiment as the market absorbs recent supply additions.
MultifamilyPhoenixArizona
Updated 1 month ago
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