Valley rents are softening, but demand is still outpacing supply. Even though the Phoenix metro area ranks No. 6 for the most apartment construction underway among U.S. metros now, the deficit still stands at 20,000 units. High demand among 20-to-34-year-olds from 2015 to 2020 is driving the need for more units, while NIMBYism in the West Valley in particular is slowing development.
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