Phoenix led national apartment absorption in the first quarter of 2026, pulling in nearly 10% of all U.S. multifamily absorption with about 5,800 units, while Austin absorbed over 20,000 units against 14,900 deliveries and Dallas-Fort Worth took in roughly 5,300 units. National vacancy reached 7.2% in June 2026 in its first sustained decline in four years, and the report projects rent growth returning to supply constrained markets in 2027.
Why it matters to multifamily marketers
Marketing teams in Austin, San Antonio, Phoenix and Dallas Fort Worth should expect to keep leaning on concession messaging and amenity differentiation through 2027, while Florida and other Southeast markets could stay softer longer as domestic migration cools.