Phoenix could build 32,000 new homes on its vacant land, analysis shows
Phoenix has 36 million acres of vacant land—the third-most in the nation — and is ripe for multifamily construction, according to a report from RentCafe. These chunks of property, if used for apartments, could house at least 93,000 renters, which is triple the number who moved to the city after the pandemic. More supply—around 3,250 units a year—will naturally soften rent increases and help the city remain affordable to new and existing residents. By the same token, if only 1,000 new units are built each year, rents will double over the next decade. Prime places for welcoming new housing include the downtown ZIP code 85003, which could add 19,000 tenants, as well as 85050, 85004, 85040 and 85020.
