Full through the biggest delivery cycle Phoenix has ever had.

From 2022 on, Phoenix was one of the most heavily supplied apartment markets in the country. Yardi Matrix counts more than 63,000 units delivered in the four years to mid-2026, with nearly 40,000 of those arriving in 2024 and 2025, and another 25,000 under construction in 2026. Rents fell for most of that stretch: advertised asking rents were down 3.1 percent year over year in April 2025 and 2.7 percent in April 2026. Occupancy in stabilized properties drifted from 93.4 percent in March 2024 to 93.0 percent in March 2025 and stayed there a year later; CoStar’s all-property vacancy, which includes buildings still leasing up, went from under 10 percent at the end of 2023 to 12.6 percent at the end of 2025.

Stellar’s Village communities sit in the middle of that supply, in the West Valley, the far Southeast Valley and North Phoenix, where much of it landed. In January 2024 three Villages were stabilized and four were filling. Over the next thirty-two months eight more opened.

In a market delivering that much, the two numbers that separate one operator from another are whether the finished communities stay full while everything around them offers a free month, and whether the communities still filling take their share of the renters who are moving. A stabilized building sliding from 95 to 91 percent in a supply wave looks like the market; one that holds does not.

So the record here is the month-end occupancy of every Village that had reached stabilization, three communities in January 2024 and nine by August 2026, set against the published market rate for the same months, and the net change in occupied Village homes set against the metro’s published net absorption.

During the period under Stellar’s management the stabilized Villages averaged 93.9 percent occupied in 2024, 93.0 percent in 2025 and 94.7 percent in the first eight months of 2026, against a Phoenix stabilized rate that Yardi Matrix put at 93.4, 93.2, 93.0 and 93.0 percent at the four points it published across the period. In 2025, the heaviest delivery year, the Villages ran at the market. In 2026 they pulled ahead of it: 95.0 percent in March against the market’s 93.0, and 95.1 percent in August. Against CoStar’s all-property figure, which fell from about 90 percent occupied at the end of 2023 to 87.4 percent at the end of 2025 and 88.7 percent in mid-2026, the gap widened from about four points to six or seven.

The filling communities took more than their share. Between December 2025 and June 2026 the Villages added 464 occupied homes. CoStar counted 9,414 units of net absorption across the whole Phoenix metro in the same six months, so the Villages accounted for roughly one in twenty of the renters the market absorbed, from communities that are less than 1 percent of the metro’s apartment stock as Yardi Matrix counts it. The share was not a one-off: the Villages added 495 occupied homes in 2024 against CoStar’s 15,157 for the metro, about 3.3 percent, and 356 in 2025 against 11,465, about 3.1 percent, with fewer communities open in each of those years.

• Stabilized Villages 94.7 percent occupied, January to August 2026, against 93.0 percent for Phoenix stabilized properties (Yardi Matrix, March 2026) and 88.3 to 88.7 percent for all Phoenix properties (CoStar, Q1 and Q2 2026).
• Never below 90.7 percent in any of the 32 months, and between 92 and 96 percent in 31 of them, while nearly 40,000 apartments delivered across the metro in 2024 and 2025.
• About 5 percent of Phoenix’s first-half 2026 net absorption: 464 occupied Village homes added against 9,414 units metro-wide, from under 1 percent of the stock; about 3 percent in each of 2024 and 2025.
• Stabilized communities from three to nine over the period, each one added to the group only once it had reached 90 percent, and the group’s occupancy held as it grew.