Metro Phoenix apartment construction ranks No. 3 in U.S.


Apartment construction remains strong this year: More than 330,000 new rental units are expected to be delivered nationwide, which is comparable to the previous four years of construction boom. And, despite challenges brought forth by the pandemic, eight metros are expected to hit five-year highs of new apartments, including Phoenix. Metro Phoenix apartment construction takes 3rd place nationally in projected number of units to be built by the end of the year, 76% more than in 2020.

READ ALSO: Phoenix No. 1 in rent growth, No. 2 in home value increase

More precisely, 334,000 units are projected to be opened in the U.S. by the end of this year, according to Yardi Matrix estimates. These figures reflect the striking difference between the aftermath of the pandemic crisis and that of the housing crisis of 2008: In 2021, there were nearly three times more apartments under construction than there were in 2011.

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