RENTCafé’s Apartment Construction Report is out with the latest data on multifamily development.
Nationwide, multifamily construction is in its second consecutive year of decline after peaking in 2018.
This year, an estimated 283,000 new units are expected to hit the market, 12% less than in 2019.
Here are the highlights for Phoenix Metro:
• Phoenix Metro area is set to see a 37% drop in apartment construction compared to last year. This is one of the biggest declines in projected apartment construction among the 20 largest U.S. metros.
• 5,665 new units are projected to be completed by the end of the year, with the metro ranking 15th nationally. Last year, 8,940 apartments were built in the area.
• 906 new units have already been completed in the City of Phoenix in the first half of the year. The city doesn’t make RENTCafé’s Top 20 by apartment completions.
The full study, which includes national data and charts, is available here: https://www.rentcafe.com/blog/rental-market/apartment-construction-2020/
