Following the onset of the pandemic, Arizona managed to further diversify and expand its economy, cementing its reputation as a top-tier commercial hub — bringing both prosperity and new problems. As residents and businesses poured into the Valley, demand for multifamily housing outstripped supply, leading to higher rents and diminished affordability across the region. Developers responded with a burst of apartment construction that tamped down rents and increased vacancy, leaving some observers concerned about the balance of the Metro Phoenix multifamily market.

“To be candid, I’m not sure if we’re over or underbuilt,” says Justin Steltenpohl, CEO of P.B. Bell . “If I had to choose, I’d say Greater Phoenix is still under. 2022 was the first year we had around 10,000 units built, then t

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