Phoenix Quarterly Review Q3 2026

The graph from ALN below shows fundamental results for the Phoenix apartment market for the first 3 quarters of 2026.

• Occupancy has been growing since Q2 20205.

• Market Rents have finally begun to rise in Q2 2026

• Effective Rents (Taking Concessions into consideration) are also on an uptick

• The gap between the green and red line are the concessions which has grown

So in order to rent more apartments operators have to give larger concessions. The positive in this is that net absorption of the newly built apartment units is positive.

Take away is we are beginning to see the bottom of the Phoenix Market. More data at the end of the year will hopefully confirm this.