While commercial real estate developers continue to build new apartments in the Phoenix area, market forces — including strong population and job growth — will continue to keep available inventory at record-low levels while driving the cost of living even higher, according to a recent report.
Industry analyst Marcus & Millichap recently released its Multifamily Market Report for the Phoenix Metro Area, which details a continuing building boom in the coming year.
The Phoenix area specifically recorded the estimated net in-migration of more than 75,000 residents, the second highest total in 14 years. These demographic tailwinds will continue to fuel record-low apartment vacancy in 2021 and nationally leading effective rent growth,” the first-quarter 2021 report states.
