As rents continue to rise in the Phoenix area, the good news is that apartment construction is on the rise in Phoenix as well.
This is encouraging news because, in most states, apartment construction has not increased to meet demand, and this is one of the primary reasons why rents continue to increase with no end in sight.
More Than 15,000 New Apartments Are Under Construction In Phoenix
Thanks to recent data from Yardi Matrix, we know that there are more than 15,000 new apartments that are under construction in the Phoenix area right now.
The increase in apartment construction in the Phoenix metro area ranks Phoenix #3 nationally, among cities with the highest apartment construction in the United States.
Up To 80% More Apartments Are Under Construction In Phoenix Area
In total, there are close to 80% more apartments under construction in Phoenix right now, compared to 2020, and what’s even more encouraging is that we’re seeing an increase in apartment construction despite the COVID-19 pandemic.
Even though the Phoenix area is seeing the bulk of apartment construction, Mesa, Gilbert, and Glendale AZ are all seeing increases in apartments being built as well, and this is excellent news considering that more people continue to relocate to these areas every day.
Phoenix was already experiencing a relocation boom before the start of the Pandemic so it’s encouraging to see apartment construction keeping up with demand in the Phoenix area.
Contact GoldenWest Management
Need property management for your Phoenix area rental property? Our company knows the Phoenix area and can help you with all of your property management needs.
From services like dispossessory evictions, to rent collection, maintenance, and customer service, GoldenWest offers the services that you need so that you don’t have to manage your properties yourself.
It doesn’t matter if you own single family, multi-unit apartments, or a combination of both in your portfolio, you can count on us to assist you with all of your property management needs.
To learn more about the services we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.
