Leasing Outpaces Net Supply in All Markets

1Q22 Witten Advisory Excerpt: The affordability stress of renters in Phoenix may be showing up in slowing demand growth.  In the above supply/demand scatterplot, Phoenix demand did outrun completions, but only by a slim margin as occupancy rose by just 60 bps year-year.  While occupancy still firmed in Phoenix, that increase ranks among the smallest…