The number of new apartments being built slowed last year compared to the tidal wave of 2021 and 2022, but it was still on the upswing in Phoenix, according to Yardi Matrix. More than half a million new starts nationwide were recorded in 2023. While developers will back off in 2024, “[M]ultifamily completions will remain elevated in 2024 and early 2025 and will not bottom out until 2026,” according to analysts.
Source: https://azbigmedia.com/real-estate/new-construction-remains-on-an-upward-trend-in-phoenix-for-2024/
