U.S. multifamily demand and delivery remain high, despite an extensive set of economic challenges, and Phoenix leads the top 10 metro areas in the country for new unit deliveries in the first half of 2023.
Data from Yardi Matrix shows 154,366 units delivered nationwide in the first six months of the year, an increase of 0.6% from the 153,314 units delivered in the same period of 2022.
In metro Phoenix, 8,062 units were delivered across 36 properties in the first half of 2023. Phoenix is the only top 10 metro that delivered more units in the first half of 2023 than in the first half of 2022, when only 6,398 came online.
Phoenix also has a total of 42,678 units under construction as of June, Yardi reports, with 10,886 of those having broken ground this year. For comparison, the first half of 2022 saw work begin on 8,606 units.
The top 10 metros combined delivered slightly more than 53,500 units, making up approximately 35% of the national total. (Source)