Valley a leader in new apartment construction

The United States reached another record in new apartment construction for the third consecutive year – and the Phoenix Metro area is among the leaders of the pack, according to rentcafe.com. And Scottsdale was ranked fifth of 12 Valley cities for apartment construction, just behind Goodyear but ahead of Mesa, Chandler and Peoria.
“By the end of the year, developers are on track to complete a staggering 518,108 rental units, marking a 9% increase compared to 2023 and a staggering 30% rise from 2022,” a report from RentCafe said last week.
It also said 2024 was the first year in the nation’s history that completions surpassed the 500,000-unit threshold.
The New York City region leads the list for the third consecutive year, followed by the Texas cities of Dallas and Austin, second and third, respectively, with Phoenix coming in fourth.