Phoenix Rent Growth Is Climbing Back | Helping People in Real Estate

Phoenix was among the overbuilt apartment markets expected to post rent slumps in 2026, as supply outstripped demand and weakened pricing power.
The model for Phoenix pointed to continued flat-to-negative rent growth through ~2027, showing that the market still needed time to absorb excess inventory.
A sharper rebound was expected to begin around 2028 in Phoenix, once excess supply eased and local apartment fundamentals started realigning again.
For Phoenix investors, that arc meant patience could matter, because above-avg. rent growth in the early 2030s could partly make up for softer years.
By the mid-2030s, Phoenix was expected to return to a more typical moderate rent-growth pace in the low-3% range for apartments overall.