Has the apartment market bottomed in Phoenix yet? i am not sure it has. Until we start to stabilize the job losses we cannot be sure that we have hit the bottom. That being said, i believe that NOW is the time to buy in Phoenix. Having been an active apartment owner and builder in this market for almost 20 years, I think that the fundamentals are starting to show that we may be near a bottom. In my mind if you buy at or near the bottom and use conservative underwriting then it is time to buy!