Multifamily development report for PHX indicates a steep decline

According to RENTCafe, Phoenix Metro area is set to see a 37% drop in apartment construction compared to last year.

The report estimates a 12% drop in new units since 2019 with nearly 300,000 built in 2020.

The full study, which includes national data and charts, is available here: https://www.rentcafe.com/blog/rental-market/apartment-construction-2020/