A record number of apartments were expected to be built in the U.S. this year, and a large portion will be in Phoenix.

A new study shows that a record 518,000 rental units were expected to be completed by the end of the year, up 9% from 2023 and 30% from 2022.

This is the first time more than 500,000 apartments will be constructed in the country in a single year.

Phoenix will have the fourth-most apartments built of any city in the U.S. in 2024, with more than 20,000 added.

The study was conducted by RentCafe.com, a website used to find apartments. Its research team analyzed apartment construction data across 369 of the largest metro areas in the country. Projections were based on a Yardi Matrix algorithm that includes confirmed and likely completions for 2024 based on certificates of occupancy.

These Cities Added The Most Apartments In 2024

1. New York: 321,935 apartments
2. Dallas: 32,932 apartments
3. Austin: 21,506 apartments
4. Phoenix: 20,141 apartments
5. Atlanta: 18,520 apartments
6. Houston: 18,301 apartments
7. Washington, D.C.: 15,079 apartments
8. Charlotte: 14,658 apartments
9. Miami: 14,177 apartments
10. Denver: 12,913 apartments

Here’s what to know about new apartments in metro Phoenix.

Phoenix To Add 60,000 Apartments By 2028

Phoenix is expected to add 60,800 apartments between 2024 and 2028, according to the study. Phoenix ranked second among metro areas with the biggest increases in completed apartments between 2019 and 2023. The Valley added 49,600 new units.

According to the study, the city’s growth as a financial hub and investments in semiconductor and battery manufacturing facilities have increased demand for rentals in the area.  – more at azcentral.com