More multi-family housing needed in the Phoenix market

[Trevor Hansen]

In an article recently published in the Arizona Republic entitled, "10,000 apartments recently opened or will soon in Phoenix area. Study says it's not enough" the Phoenix market will need 15x that number over the next 15 years.

The article states: “By 2030, metro Phoenix will need another 150,000 apartments,” Courtney Gilstrap LeVinus, the interim president of the Arizona Multi-housing Association, told me. “We are seeing significant demographic shifts that will lead to more renters.”

While this is good news there are still concerns if the building happens to quick. "Rents are a great gauge to whether an area has too many apartments. After jumping nearly 15 percent since 2015, rental rates are dipping in parts of the Valley with the most new apartments. And developers at new complexes are beginning to offer deals on longer leases."