Metro Phoenix Ranked #4 in Busiest Apartment Construction
Rendering courtesy of RAS Development
According to RentCafe’s 2024 Apartment Construction Report, Metro Phoenix ranked as the fourth busiest market in apartment construction in the U.S. With 20,141 units slated for completion this year, Phoenix trails only New York, Dallas, and Austin. The city is set for substantial growth from 2024 to 2028, with 60,833 new units expected—an impressive 22% increase over the past five years. Unlike many major markets, including Houston, Atlanta, and San Francisco, which are experiencing a slowdown, Phoenix is seeing a continued surge in new apartment development. Overall, U.S. apartment construction is set to break records in 2024, with completions expected to surpass 500,000 units for the first time. Looking ahead, around 2 million apartments are projected to be built by 2028, despite a decline in new project starts due to market uncertainties.
Source: https://azbigmedia.com/real-estate/metro-phoenix-apartment-boom-continues-in-2024-will-it-last/
