There are over 131,000 units in the Phoenix metro area’s apartment construction pipeline, according to the latest report from Berkadia.

Of all the units in Phoenix’s pipeline, 14,146 units across 56 buildings are in the lease-up stage, meaning they actively began leasing units to residents within the past several months. Another 23,233 units are actively under construction.

Nearly 36,000 units are in the planning stages. Projects don’t enter the planning stage until builders/developers have received city approval. Most projects in this stage begin construction within 12 to 18 months.

However, the majority of the apartments in Phoenix’s construction pipeline are in the prospective stage. That means that while builders have expressed intent to build, the projects are still in a conceptual stage, and no formal plans have been submitted. Almost 58,000 units fall into this category.

Based on these numbers, renters in the Phoenix metro area can expect over 60,000 units to join the rental market within the next several years.