Multifamily Metrics Mixed in the Desert
Phoenix has seen a rapid slowdown over the past year, as apartment performance declined amid high supply. However, as we near the end of 2023, leading indicators are beginning to show signs of strength for Phoenix multifamily. Lagging indicators remain negative, and will likely continue contracting through the winter months, yet the recent uptick in traffic and leasing bodes well for the intermediate term in the Valley.
The Arizona capital remains a very attractive market for domestic and corporate migration. High end manufacturing in the Valley has emerged as one of the largest growth industries; companies like Taiwan Semiconductors and Intel are leading the way with multi-billion dollar investments in new and expanding microchip facilities. New apartment supply has been an issue and will still have an impact as lease-ups are taking longer than originally anticipated. With a robust planned pipeline, the future performance of Phoenix’s multifamily industry may rest in how many new developments break ground in the coming year.
Rent growth and occupancy remain negative on an annual basis in the Valley, but traffic and leasing are both up from a year ago. Leading indicators are in line with national averages and if they have found a bottom, this is a good sign for future demand in Phoenix.
Traffic and Leasing
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