Apartment Market and Sales Insights
Multifamily New Construction – Across the US, new apt construction has decreased to the lowest level in a decade, two years since it peaked. Austin reported the largest decline but Phoenix, Atlanta, Dallas and New York also had notable declines (per Globe Street, 8.13.2025). Phoenix completions peaked at 20,415 units in 2024 and 11,938 units were already completed thru Q2 2025. We still have 43,435 units Under Construction, so it will be a year or two for absorption to create a shortage (Yardi Matrix). The eventual reduced supply combined with the increase in population from the huge investment dollars ear-marked for Phoenix, will result in increased housing demand, creating higher rents and apartment values.
San Diego based, Fairfield Residential, added a 276 unit north Scottsdale community to compliment their record-setting, largest multifamily portfolio purchase in the State last month. Their commitment to metro Phoenix is impressive and supports the strong growth projection for our market.