Cranes have become a familiar sight across America’s big cities, changing the face of neighborhoods. In our latest study, we looked at thousands of zip codes and ranked the top ones that underwent major transformations – building more apartments than entire cities in just 5 years. There are several zip codes in Metro Phoenix that built the most apartments.

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Tempe’s zip code 85281 saw a construction boom matching the development pace seen in central neighborhoods in San Diego, CA, and New Jersey, NY. Furthermore, Phoenix’s downtown zip code 85004 more than doubled its inventory in the same record time. These massive changes ranked Phoenix among the elite top 50 zip codes that built the most units in a mere five years.  

Here are the zip codes in Phoenix metro that built the most apartments: 

  • Zip code 85281 in Tempe is the 6th hottest in the nation, with 5,667 new apartments added in just five years. This translated to a growth of 39%, which led to a current inventory of 20,263 apartments. More than half of the new apartments here are high-end. In this zip code, most renters are Gen Z due to its proximity to ASU, but it’s also well connected to other parts of the Phoenix metropolitan area. 
  • Phoenix’s downtown zip code 85004 ranks at #26 for apartment construction. 3,754 new apartments came online between 2018 and 2022, marking a 145% increase in supply in record time. This achievement is even more impressive, considering that apartment buildings typically require 3-4 years for completion. Most of the apartments built downtown are high-end. Renters in this area are mostly young professionals with well-paying jobs, seeking opportunities downtown.  
  • Another zip code in Phoenix that is a hotspot for construction is up north. Zip code 85085 saw a 72% increase in inventory in the same period, where 2,002 new units were added to the market, adding up to 5,071 units. Another suburban area that boomed in real estate development is zip code 85054 where close to 1,500 new apartments opened for renters in just five years, au par with Glendale’s zip code 85305
  • Gilbert’s 85295 is the third zip code in Phoenix metro for apartment construction. 2,222 new units were built here, which translates to a 78% increase. A second zip code from Gilbert, 85296, more than doubled its inventory (122%) building 1,236 new units. 
  • Goodyear has been busy building too. Zip code 85395 saw the second biggest increase in stock in the metro area. 1,700 apartments were built, representing a 133% increase. Meanwhile, zip code 85338 almost doubled (96%) its inventory by adding 1,268 apartments to the market in five years. 
  • Last but not least, Scottsdale’s zip code 85260 is the metro’s 10th heavy-builder neighborhood. Here, 1,229 new apartments were built in five years, boasting the 3rd biggest total stock of apartments among the zip codes analyzed.