Phoenix tops the nation in multifamily construction. Will it slow down?

About 8,000 new apartments usually come online each year in Phoenix, but this year it’s expected to hit between 15,000 and 20,0000 — the most of any metro in the country. And roughly 40,500 multifamily units were being built in the Valley at the end of the third quarter, including those that will not be completed until 2024, but new construction and permits are starting to taper off. Demand here grows by about 30,000 and 33,000 new households, though that’s a mix of renters and owners, so the sweet spot is probably closer to 10,000 units annually.

Source: https://www.bizjournals.com/phoenix/news/2023/11/29/phoenix-tops-nation-in-new-multifamily-units.html