In 2024, apartment construction investment in the Phoenix area totaled $3 billion, behind only Dallas and Denver, with nearly 37,000 units underway and nearly 16,000 completed.
The state’s job growth also remained strong at 2.2%, significantly above the 1.4% national average, bringing in 43,500 net new jobs.
But the average advertised asking rent dipped for six months straight and the occupancy rate remained at 93.2% compared to the U.S. rate of 94.7%.
Source: https://www.multihousingnews.com/phoenix-multifamily-report-january-2025/
