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The median rent payment in Phoenix grew by 26% year over year.
The hope is that absorption can match deliveries by the end of the second quarter.
Ultimately, consumers may find fewer choices at their grocery store.
Factors such as age, size, crime and nearby restaurants have influenced vacancy rates.
Multifamily renewals and build-to-rent houses offer industry optimism.
An historically safe asset becomes less certain for now.
Projects not yet completed lead to debate about absorption rates and risks.
Prices fluctuate due to weather, school calendars, job searches, holidays and local traditions.
Students returning to large campuses helps account for population surges.
But it will also eliminate a municipality's ability to add rent control provisions.