In its special report on BTR communities, Northmarq reports that Phoenix was the nation’s largest BTR market by volume in 2025, with nearly 1,500 units trading for more than $500 million.
Vacancy ended 2025 at 9.8%, up from a 4.5% average from 2020 through mid-2022, driven by a surge in new supply and competition from traditional multifamily.
The Phoenix market accounted for more than 40% of all BTR completions in the West region in 2025, with more than 7,500 units delivered.
Supply and demand conditions are expected to improve in 2026, with national vacancy forecast to tighten roughly 50 basis points as deliveries slow.
Hear from Porter Kyle, Asset Living, National Bank of AZ, Thorofare Capital, Mark-Taylor Companies, Walton Global, Dekker Design, Marcus & Millichap Capital Corporation, Zonda Advisory, and more on April 8th. A
Get a focused look at where multifamily, SFR, and BTR are headed in Greater Phoenix.
Register to attend: www.ConnectPHXMF2026.com | Connect Phoenix Multifamily, SFR & BTR | Wednesday, April 8th at The Westin Kierland Resort & Spa, Scottsdale.
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