Full through the biggest delivery cycle Phoenix has had
Village communities across Arizona · January 2024 to August 2026
Phoenix delivered nearly 40,000 apartments in 2024 and 2025 and market occupancy sat at 93 percent for stabilized properties, under 89 once lease-ups are counted. Stellar’s stabilized Villages ran at the market in 2025 and ahead of it in 2026, never below 90.7 percent in any month, while the Villages still filling took about one in twenty of the renters the whole metro absorbed in the first half of 2026.
94.7% vs 93.0%Stabilized Villages, Jan to Aug 2026 average, vs Phoenix stabilized properties (Yardi Matrix, Mar 2026)
~5%Share of Phoenix net absorption, first half of 2026, from under 1% of the stock
90.7%Lowest month for the stabilized group in 32 months, Feb 2025
Scottsdale, Arizona · 203 apartments · Managed February 2020 to June 2022
A 203-unit community renovated while occupied, through the pandemic year. Comparing the two consecutive twelve-month periods under Stellar, March 2020 to February 2021 against March 2021 to February 2022: occupancy went from 88 to 97 percent, bad debt fell by three quarters, operating expenses rose 1 percent, and net operating income rose 39 percent.
+39%Net operating income, trailing twelve months to Feb 2022 vs the twelve before
Phoenix, Arizona · 149 homes · Managed from pre-leasing
First move-ins were in February 2025. Twelve months later the community was 95 percent net leased, with asking rents above the pre-leasing schedule and concessions at 5 percent of scheduled rent once it stabilized. By January 2026 the only concession left was on the one-bedroom plan, the one floor plan still carrying vacancy.
12 monthsFirst move-ins to 95% net leased, Feb 2025 to Jan 28, 2026
5%Concessions as a share of scheduled rent at stabilization, May 2026
Results reflect each property or portfolio and measurement period and are not a guarantee of future performance. Figures are from the properties’ accounting and leasing records and are recalculated from source; measurement dates are stated on each case study.
Want the same numbers run on a property you own? Start with its trailing twelve months.
