Phoenix landlords in the West Valley are offering 10 to 15 weeks of free rent on new leases as several submarkets, including Downtown Phoenix, Tempe and the Southwest Valley, still carry vacancies above 10%. Asking rents fell between 2.4% and 4.1% year over year depending on the submarket, even as metro absorption outpaced deliveries for the first time in five years.
Why it matters to multifamily marketers
In oversupplied markets, student housing operators are losing budget sensitive renters to lifestyle apartments, so campus and conventional marketers alike could win more leases with sharper concession math and total cost of occupancy messaging.
See the full article on Greater Phoenix In Business Magazine