The Phoenix region has experienced an unprecedented apartment building boom, with over 16,500 units added and more than 35,000 in progress. This wave of new supply has outweighed recent rental demand, causing vacancy to rise and rent growth to turn negative. The majority of new construction is for luxury apartments, particularly in Downtown Phoenix and Tempe, East Valley, Chandler and Gilbert, and NorthWest Valley and SouthWest Valley. Single-family build-to-rent properties have also contributed to this growth. This imbalance in supply and demand could weaken the Phoenix apartment market in the next 12-24 months.
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