Phoenix was one of the top markets
in the U.S. for apartment construction in 2020 as developers attempt to meet
residential demand in the fast-growing region.
The city ranked second nationally with 17,215 apartments
construction starts, according to RealPage Inc.Dallas landed in the top spot,
and Phoenix, Washington, D.C., Newark, N.J., and Austin, Texas, rounded out the
New construction is an important driver of the local economy,
generating both temporary and permanent jobs, as well as bringing homes into
the market to support a growing population and commercial space to support area
Here's more from RealPage:
Manhattan, downtown San Francisco and select neighborhoods in
Los Angeles are really the only spots that registered sizable drops in the
number of apartment renter households.. The metro's year-over-year rent
growth lags the state average of 4.7% but far surpasses the national average of
The metro's median two-bedroom rent of $1,258 is above the
national average of $1,090.