By Jessica Morin | AZ Big Media
Phoenix has maintained its ranking as the top metropolitan area in the nation for net migration for a third consecutive year, according to the latest data from the U.S. Census Bureau.
Multifamily landlords and homeowners welcomed the nearly 89,000 people who moved to the Phoenix market between July 2019 and July 2020. The influx of new residents, which amounts to an average of about 244 people per day, has supported robust demand for housing, generating unwavering apartment rent growth and single-family home price appreciation.
With a population of just over 5 million people, Phoenix is the 10th largest metropolitan area in the country. The Valley of the Sun has achieved tremendous growth, and the value proposition that is attracting new residents and businesses to the market has strengthened. Last year, Phoenix’s population grew by 106,008 people, outpacing the market’s 10-year average of 85,562 people.