Invest In Apartment Buildings In Goodyear, AZ

Goodyear's Renter Growth Rides On Warehouses And Factories

Goodyear's renter base is small but growing fast. The city has 8,507 renter households, 22.3% of all households, below Arizona's 32.6% (U.S. Census ACS 2020–2024). That renter count jumped 47.3% in five years, faster than the city's 33.9% population gain to 107,645. Employed residents grew 37.3%. Median household income is $103,319, up 23.2%, and median gross rent is $1,956 a month, well above the state median of $1,543. Rent has run ahead of pay, though: 64% of renters spend 30% or more of their income on housing.

Warehouse and factory jobs explain much of the growth. Interstate 10 and Loop 303 both run through the city. The City of Goodyear's January 2026 list of top employers puts Amazon first, with 5,488 workers, followed by the UPS regional operations center (2,400), Factor (1,850), Abrazo Health (1,309) and Chewy (1,000). Macy's and Bloomingdale's logistics, Sub-Zero, Wolf and Cove appliances, City of Hope's cancer hospital, Andersen Windows and FIGS round out the top ten. Phoenix Goodyear Airport, with its 8,500-foot runway, supports aircraft maintenance and storage, and the Cleveland Guardians and Cincinnati Reds hold spring training at Goodyear Ballpark, which opened in 2009.

That mix gives owners a renter pool spread across fulfillment, logistics, manufacturing and health care rather than tied to one employer. With 64% of renters already cost-burdened, though, there is less room for rent increases than the income figures suggest.

Supply, Vacancy And Rents In Goodyear

Goodyear is still absorbing a wave of new apartments, but the wave is slowing. Northmarq reported that the Goodyear/Avondale submarket had 7.2% vacancy at the end of the second quarter of 2026, the same as a year earlier. Only about 800 units came online there in the first half of 2026, and Northmarq forecast 2,350 for the full year. Across metro Phoenix, construction fell 27% from a year earlier to about 23,100 units at midyear.

Rents are slipping only a little. Apartment List put Goodyear's median rent at $1,544 in October 2026, down 1.6% from a year earlier, a smaller drop than Arizona's 2.0% and metro Phoenix's 2.2%. That figure tracks new leases, so it runs below the Census median of $1,956, which includes rented houses. Median gross rent was $1,375 in the 2015–2019 survey, so it rose 42.3% in five years. The HUD fiscal 2027 two-bedroom Fair Market Rent for the Phoenix-Mesa-Chandler area is $1,734.

The Census shows only 4,652 homes in buildings with five or more units, 11% of the city's housing, and a median build year of 2007. The Census rental vacancy rate is 15%, far above Northmarq's figure. ACS estimates carry a margin of error, and the Census rate covers all rentals, including houses in new subdivisions and units in lease-up, so we treat it as a sign of new supply rather than a measure of stabilized apartments. Recent examples include Cabana Bullard, a 336-unit community of mostly studios and one-bedrooms at Bullard Avenue and Van Buren Street that was completed in 2023. Build-to-rent is growing as well: in December 2025 Dominium was seeking rezoning for a 214-home build-to-rent project at Perryville and Yuma roads.

For apartment syndications in Goodyear, the practical point is competition. Most apartments here are young, so an older complex is rare and a newer one competes with new lease-ups nearby and with rental houses.

Goodyear Areas We Watch

Goodyear's rental demand follows I-10 and its big master-planned communities.

Where Goodyear Stands Among Its Peers

Out of 30 Arizona cities in our data, Goodyear comes in 7th for median gross rent, 23rd for renter share and 18th for five-year rent growth. Its rents fall in the middle of the pack. In raw numbers, Goodyear has about 27,274 more residents and 2,732 more renter households than in the 2015–2019 survey.

Goodyear And Nearby Markets Side By Side

Goodyear's median gross rent of $1,956 is above the Arizona median of $1,543, and its renter share is 22.3% compared with 32.6% statewide.

Can Tenants Afford Goodyear Rents?

At $1,956 a month, the median Goodyear rent adds up to $23,472 a year, or roughly 22.7% of what the median household earns. Under the common 30% guideline, a household needs about $78,200 a year to cover that rent comfortably. That's close to the Arizona figure of 23.2%. Renters usually earn less than the all-household median, so the real burden for tenants is higher than this simple ratio shows.

In dollars, Goodyear rent climbed $581 a month over five years and household income climbed $19,456 a year. Rent has outpaced income, so we are careful about how much further a business plan pushes rents on renewal. HUD's FY2027 Fair Market Rent for a two-bedroom unit, $1,734, is 11.3% below the median gross rent for all unit sizes. That gap matters for buildings that accept Housing Choice Vouchers, since local housing authorities base voucher payment standards on it.

Goodyear Apartment Market Key Facts

If you only read one part of this page, read this list. Every figure is from the Census Bureau's ACS 5-year estimates.

• Goodyear, AZ has 107,645 residents, up 33.9% from the 2015–2019 survey (U.S. Census ACS 2020–2024).
• Median household income in Goodyear, AZ is $103,319, up 23.2% over five years (U.S. Census ACS 2020–2024).
• Median gross rent in Goodyear, AZ is $1,956 a month, up 42.3% over five years (U.S. Census ACS 2020–2024).
• 22.3% of households in Goodyear, AZ rent, about 8,507 renter households (U.S. Census ACS 2020–2024).
• 11% of homes in Goodyear, AZ are in buildings with 5 or more units (U.S. Census ACS 2020–2024).
• The rental vacancy rate in Goodyear, AZ is 15%, and 64% of renters spend 30% or more of income on rent (U.S. Census ACS 2020–2024).
• The median home in Goodyear, AZ was built in 2007 (U.S. Census ACS 2020–2024).

What We Look For In A Goodyear Apartment Building

Our buy box in Goodyear is the same one we use nationwide: 5+ unit apartment buildings, stabilized or in need of work, priced on today's rents. Then we test the property against the local data on this page and a full inspection of its major systems.

Property taxes are a big line item for any Arizona apartment building. We underwrite the tax bill after purchase, not the seller's current bill, since a sale often resets the assessment. Arizona has no statewide rent control law, though local rules on notices, fees and deposits still apply. Insurance quotes in Arizona reflect wildfire risk, so we get a quote before we make an offer.

After a stretch of fast rent growth, we keep rent assumptions modest and leave room for concessions if new supply opens nearby.

Questions To Ask About An Apartment Syndication In Goodyear

Before you invest in an apartment syndication in Goodyear, with us or anyone else, the local data points to a few questions worth asking.

• What vacancy does the plan assume? Rental vacancy in Goodyear is 15%. A plan that assumes much lower vacancy than the market should explain why.
• What rent growth is underwritten? Rents here rose 42.3% over five years. Ask whether the plan assumes that pace continues, and what happens to the deal if rents stay flat.
• How was the property tax bill estimated? A sale often triggers a reassessment, so the bill after purchase can be well above what the seller pays today.
• How big is the repair reserve? The median home in Goodyear was built in 2007, and even newer buildings need money set aside for roofs, HVAC and appliances.
• How and when does capital come back? Ask what the plan is for a refinance or sale, and what happens if that takes longer than expected.

How Passive Investing In A Goodyear Apartment Syndication Works

Here's the short version. The general partner, in this case Skyline, finds an apartment building in Goodyear, buys it with a loan and investor capital, and runs it. Limited partners supply part of that capital and hold an ownership share, without landlord duties or personal liability for the loan.

It's a long-term commitment. The property has to be refinanced or sold before most capital comes back, and the outcome isn't certain. Eligibility rules vary by offering, and most are limited to accredited investors. See investing with Skyline Capital for how we work with limited partners.

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