Supply/Demand Delta Smallest in the Desert/Mountains Region

The Desert/Mountains region – which includes major apartment markets like Phoenix, Denver, Las Vegas and Salt Lake City – has seen notable improvement compared to last year. The demand shock of 2022 occurring just before the supply wave of 2023 and 2024 dampened apartment market performances across the region. More recently, the Desert/Mountains region has seen momentum shift faster than some other supply-heavy areas. This region absorbed more than 72,000 units in the past year, which was one of the best showings nationwide, behind only Texas. That volume translated to 4.7% of all existing stock, the most among the major U.S. regions. Annual demand in the Desert/Mountains region was behind the 76,100 or so units delivered concurrently, but not terribly. In fact, the 5% delta between those two figures was the smallest nationwide. In comparison, demand in Texas was 19% behind supply volumes. Looking at the region with the most similar delivery tally in the past year, Florida demand was 13% behind supply volumes.

For more information on the state of apartment market across the Desert/Mountains region, including forecasts, watch the webcast Market Intelligence: Q4 Desert/Mountain Region Update.