For the past three years, the number of permits for new apartment construction averaged about 1,000/yr. Over the past ten years, the average was 3,840/yr. As of the 4th quarter of this year, the number of permits jumped to more than 10,000 for the year with many projects already breaking ground.
Both ASU and private enterprise are focusing on providing student housing. This has proven to be a very lucrative market. Of the ten new apartments permitted in the 4th quarter, six are in Tempe. In addition, 11 of the 79 transactions (13.9%) in the 4th quarter were in Tempe.