Phoenix Metro STR — Best Buying Window in Years

[Nick Deorsey]

Inventory is up 29% year over year, 76% of active listings are carrying price reductions, and motivated sellers are everywhere. Meanwhile national STR supply growth has slowed to around 4.6% projected for 2026, down from over 20% annually at the 2021-2022 peak.

Phoenix Metro is also outperforming the national market significantly. While national STR occupancy fell 13% in early 2026, Phoenix Metro posted a +10.2% year over year gain. The underlying demand remains strong.

For investors with capital ready this is worth paying attention to. I analyze Phoenix Metro STR deals every week and pass on the majority of what I see, but the ones that do work right now are genuinely compelling.

Are you finding motivated sellers in your market right now or is this more of a Phoenix-specific dynamic?

[John Racine]

I think there will always be those who thought they could do it on their own and want to dump it instead of identify what wasn't working and fix it.

One of my markets is not a major player so demand is good, but not great. We still find great opportunity every day and it is sticking to our numbers and rejecting want doesn't make sense. 

I think we'll see more of this in the next 12-18 months like I have seen in the apartment syndication area. Over zealous operators who cannot pivot.