Even with nearly 14,000 apartment units under construction in metro Phoenix, builders still can't keep up with demand.
According to research conducted by Kasten Long Commercial Group exclusively for the Phoenix Business Journal, metro Phoenix has 13,631 units within 54 projects under construction. Of those, 23 totaling 5,054 unites are within the city of Phoenix.
Jim Kasten, founder of Kasten Long Commercial Group, is forecasting 47 projects totaling 10,811 units completed during 2019, an increase of 32% from 2018.
Fueling that demand is the Valley's job and population growth, he said.
"With the overall population boom, the number of good-paying jobs and corporate expansions or relocations into the Valley, absorbing the new units will be easy," Kasten said.
