Here’s how tough renting in Phoenix is this peak moving season

Phoenix saw a slight drop in occupancy rate to 8% vacancy, with 8 applicants per vacant apartment and a 43-day lease fill time. Lease renewals rose to 57.7%. Construction increased by 1.7%, ranking fourth nationally. Chicago and Miami are the toughest markets, with 16 and 19 applicants per unit, respectively. Manhattan and Silicon Valley also saw rising competitiveness. Lafayette, IN, is the hardest small market, with 15 applicants per unit and a 29-day vacancy period.