PHOENIX (AZFamily) — Rent prices across the Phoenix area are dropping, sparked by a construction boom in multifamily housing not seen in more than 40 years.
In 2023, developers built 13,500 apartments in Maricopa County. In 2024, that number rose to 20,000 apartments. This year, the number is expected to hit 26,000 new apartment units.
“We haven’t seen that kind of levels since the 1980s, in terms of just the percentage,” said Doug Ressler, who is the manager of business intelligence at Yardi Matrix, a company that tracks real estate and development trends…