By BEX Staff for AZBEX
The West has had the steepest decline of multifamily permitting out of the four Census regions over the last year. According to GlobeSt, the West was down 28.9% to 92,000 units. The only region to experience an increase was the Northeast, up 13.7% to 65,000 units.
Annualized starts were up by 11.7% in July, yet still down 21.8% from last year.
Seven of the top 10 multifamily permitting metro markets decreased annual totals from the year before. Austin, New York and Miami were the only metro areas from the top 10 to increase.
“The annual total of multifamily permits issued in the top 10 metros—144,082—was about 21% less than the 181,491 issued in the previous 12 months and down 1.4% from last month,” RealPage reported. “The total number of permits issued in the top 10 metros was almost equal to the number of permits issued for the #11 through #35 ranked metros.”
Multifamily Stats in Phoenix Locally
Of the seven top 10 markets to decrease, Phoenix decreased the least, with a year-over-year unit difference of 2,192 units permitted.
The Phoenix metro area remained in the top three for multifamily permits for the year ending July 2024. According to RealPage Analytics, Phoenix had permitted a total of 16,634 units over the course of the year, which is down 5.3% from June and around 12% down from this time last year.
Phoenix is relatively close to Austin in the number two spot with 19,262 units, but both are dwarfed by New York’s 30,618. Phoenix does have a substantial lead over the number four spot, Dallas’s 12,555 units, which was much closer to the rest of the pack.
Regarding the ranking of multifamily permits per place (cities, towns, boroughs and unincorporated counties), Phoenix holds the fourth spot, with 7,191 units permitted.