RENTCafé‘s most recent Apartment Construction Report ranks the Phoenix metro in third place for the projected number of units to be built by the end of year, an increase of 76 percent from 2020.
At national level, developers are set to bring 334,000 new apartments on the market, passing the 300,000 mark for the sixth year in a row. There’s only a 2.5 percent drop compared to 2020, which is an impressive accomplishment after a period of uncertainty.
Here are the highlights on Phoenix:
- Phoenix metro area is set to build 15,846 new apartments this year, reaching a five-year high, and claiming the third position nationally when looking at projected apartment count.
- The jump is 76 percent compared to last year’s 9,022 units, and a far cry from the lows of 2017 when only 6,758 apartments were built.
- Development booms across the area, as Phoenix itself spearheads construction with 3,860 expected units. Mesa projections show 1,957 new apartments, Gilbert – 1,881, and Glendale – 1,667.
This year, the national podium is completed by Dallas-Fort Worth – 21,173 units, and New York – 19,375.