By Anca Gagiuc | Multi-Housing News
Multifamily construction has been robust in recent years, with deliveries on a national level averaging 300,000 units per year since 2015. We’ve taken a look at the Western region—comprising Albuquerque, N.M.; Boise, Idaho; Colorado Springs, Colo.; Denver; Las Vegas; Phoenix; Reno, Nev.; Salt Lake City; and Tucson, Ariz.—and selected the top five metros that had the most multifamily completions as a percentage of existing stock in 2019, according to Yardi Matrix data.
We’ve found that established and emerging tech markets—especially the ones that acted as strong magnets for companies looking to expand or relocate—attracted developers ready to boost local housing inventories. Combined, the total number of multifamily apartments delivered in the Western Region in 2019 reached 31,121 units. January and October held the top positions in the number of deliveries—during these two months combined, developers brought online about a quarter of the year’s total deliveries, or 4,371 and 4,586 units, respectively.
Phoenix has experienced strong population growth, thanks to its attractive climate lacking natural disasters, pro-business environment and robust talent pool coming from Arizona State University. Moreover, the metro is establishing its position as a bioscience market, home to Barrow Neurological Institute, the largest neurological disease treatment and research facility in the world, with more than $3 billion in capital expenditures planned over the next two years. This has pushed up demand for housing, and construction has been intense in recent years, as the state still has abundant land ripe for development.