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Despite delivering 22,952 new apartment units from 2011 to 2016, demand vastly exceeded supply by approximately 7,100 units; if based on 2016/17 population estimates which saw Maricopa rank No. 1 in the country in population growth, the deficit rises to approximately 12,000 now and 18,000 by 2020.
In fact, if Medium Range Growth Projections are used, a more likely scenario given Maricopa’s status as fastest growing county in the nation, unit delivery deficit will increase to 20,000+ over the time period. As a result, by 2020, the Occupancy Rate for the Phoenix MSA, barring any unexpected increases in current construction levels, is forecasted to reach an all-time high of approximately 96 percent.
A recent report shows that there is a long-term deficit with the number of available apartments, with the Phoenix area needing 150,302 new apartments by 2030 to meet demand.
