Phoenix’s multifamily market is hitting a turning point. Vacancy has climbed to roughly 12.5% and rents have slipped about 3% year-over-year, even as the market absorbed more than 21,000 units in the past 12 months. So what’s really happening?

In this episode, we break down the latest Colliers multifamily data and explain why Phoenix isn’t facing a demand problem—it’s facing a construction cycle peak. We analyze the surge of pandemic-era development now hitting the market, why supply temporarily outpaced absorption, and how developers are already pulling back on new starts.

More importantly, we look ahead: when the pipeline could shrink, how vacancy might stabilize, and what the next phase of the Phoenix apartment cycle could mean for investors, developers, and operators across the region.