Phoenix garnered more apartment demand than any other market nationwide in 3rd quarter. The market absorbed over 6,000 units in the July to September time frame, according to data from RealPage Market Analytics. That 3rd quarter showing in Phoenix was the strongest nationwide – by far. The next big quarterly demand tally on the top performer list was in Atlanta at around 3,500 units. Absorption in Phoenix was well ahead of what this market typically sees in 3rd quarter. The quarterly average for the market was closer to 2,700 units in the past decade’s data set. However, the market has picked up demand performance in tandem with supply additions in recent years. In fact, Phoenix’s latest showing was a bit behind the quarterly demand volumes hitting between roughly 7,000 and 9,000 units seen in the past five quarters. Additionally, 3rd quarter demand in Phoenix was well behind concurrent completion volumes, which reverses a trend this market has seen of demand topping supply for three consecutive quarters prior to this one.
