TUCSON, Ariz. (Jan. 28, 2026) — Tucson’s multifamily market ended Q4 2025 in a noticeably cooler position, with rising vacancy, softening rents, and historically high concessions reshaping leasing dynamics across the metro, according to PICOR/Cushman & Wakefield’s Tucson Multifamily Marketbeat.
The Marketbeat reports overall vacancy increased to 9.56%, driven by an expansion in available units across multiple submarkets and a more competitive leasing environment. The report cites 603 new deliveries during the period, adding supply to a market where absorption has become more uneven. At the same time, average rents declined to $1,130 per unit, and concessions climbed to $61 per unit, described as the highest incentives offered in more than 15 years—an indicator of a market that has shifted toward tenants as operators compete to retain and attract residents.
Vacancy widens across submarkets, with Southeast Tucson the highest…