Phoenix Leads Nation in Apartment Growth — What It Signals for Multifamily Investors

A new national ranking of the Top 20 Fastest-Growing Submarkets for New Apartments Since 2021 places three Phoenix-area submarkets in the top 10 — more than any other metro in the country. 

Avondale/Goodyear/West Glendale claims the #1 spot nationally, with 24,428 units added since 2021 and an astonishing 136% supply expansion rate. Pinal County and Central Phoenix also made the list, ranking #3 and #8 respectively. 

The data underscores Phoenix’s role as one of the most dynamic multifamily markets in the U.S. Rapid in-migration, expanding job hubs, and lifestyle-driven suburban growth continue to fuel demand for new apartments — especially in areas with access to major highways and employment corridors. 

While some metros are still balancing post-pandemic absorption, Phoenix’s consistent population gains and diversified economy are supporting sustained multifamily development. For investors, this growth highlights long-term confidence in the Valley’s housing fundamentals — and suggests opportunities remain strong for both core urban and fast-growing suburban markets.