Phoenix Multifamily Update

Phoenix multifamily is witnessing unprecedented demand, rent, and supply. Over 5,700 units were absorbed in the past year, a record high, with 11,000 units delivered, another record high. Out-of-state investors have been active, purchasing nearly two dozen multifamily properties in 2022. A California investor group purchased a newly constructed apartment complex in Tempe for $96 million, or $561,400 per unit. The price per unit is 81 percent above the market average for Tempe, thanks to strong buyer competition pushing prices up by 90 percent since 2019.