Phoenix Multifamily Market Report
Near Nation Leading Job Growth Propels
Historical Demand in Thriving Market
Robust in-migration squeezes housing supply. Phoenix's labor market has proven to be one of the most resilient during the pandemic, with the metro adding jobs at a brisk pace, even after restoring the total headcount to the pre-2020 level. A lower cost of living and access to job opportunities have brought many new residents to the metro recently, driving the need for additional housing in the Valley — both for renters and buyers. Demand from newly arrived households led the median home price to rise 22 percent last year, while a record number of apartments were also absorbed, lifting rents by more than 28 percent. In 2021, Phoenix recorded the highest rent growth of any major metro west of the Mississippi River.