By Rent Café | AZ Big Media
The most anticipated RentCafe report is out – and do we have some news. No less than 420,000 new apartments are expected to be built nationwide by the end of this year. and Metro Phoenix has seen a staggering increase of 90% in apartment construction.
And considering 2021 as well, the last time apartment deliveries went over 400,000 units was in 1972.
Here are the highlights for Metro Phoenix apartment construction:
• Phoenix metro makes a sharp increase of 90% in apartment construction compared to last year, and takes the 6th position nationally in terms of new development, with an estimated 16,600 apartments, on the way. The previous year saw just 8,421 new units coming up in the Valley.
• At city level, Phoenix proper will build the bulk of the projected apartments – 5,009 units, of which it already built 2,240. Next in line for Phoenix apartment construction projects are Scottsdale – 1,866, Gilbert – 1,795, and Mesa – 1,769.
• Demand for rental apartments grew nationwide, amid rising inflation and interest rates, which turned the dream of homeownership into a nightmare for some renters. This is what’s driving the current boom in apartment construction, with 420,000 new rentals projected for completion this year.
