Phoenix is among the top metros for apartment construction this year, with more than 9,600 new units estimated to come online by the end of the year. This is welcome news as the area’s job growth and a 2.1% rise in population fueled increased demand and some of the largest rent increases in the country.
Here are the highlights with a focus on the Valley:
• Phoenix Metro is estimated to open 9,620 new units by the end of the year. This places the area at the 8th position nationally, in terms of projected apartment construction.
• This year’s projections represent an 18% increase compared to last year, when 8,162 new apartments were finished at the Metro level.
• The City of Phoenix leads in construction, as it is set on building 3,952 new units by the end of 2019.
• The second and third major builders in the metro are Tempe, with a projected number of 1,378 new apartments, and Chandler, with a similar, 1,341 estimate of new units to come online.
• Next in line are Peoria, Goodyear and Scottsdale, with projections of roughly 500 units to become available by the end of the year.
• The Valley outranked a number of other large metros, including Washington, DC; Houston; and Chicago. Meanwhile, Los Angeles, Atlanta, New York and Dallas-Fort Worth are the areas expected to build more.
At a national level, this decade makes history with a whopping 2.34 million new units, a number unattained since the ’70s and ’80s.