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Rentals Filling in the Valley’s Core

Photo credit: Michael Schennum/The Arizona Republic

By Catherine Reagor for The Arizona Republic

Living closer in to be near jobs, restaurants, shopping and light rail is apparently what more metro Phoenix residents want now. And developers are quickly catching on.

Condo sales and prices are climbing faster than single-family or stand-alone houses in the Valley for the first time. Home values in central Phoenix, Tempe and Scottsdale are increasing faster than other parts of the region.

But it’s the rental market that is really leading the area’s infill charge.

Almost 1,000 condos are underway in central Phoenix, Scottsdale, Tempe and Glendale. But more than 12,000 apartments are already under construction within the central Valley — basically defined as inside the Loop 202 and 101 freeways.

And at least another 13,000 apartments are planned for the metro Phoenix core, according to the latest construction report from ABI Multifamily.

Apartment vacancies have plummeted and monthly rates have climbed during the past few years. During the past five years, the average monthly apartment rent in the Phoenix-area has climbed more than $100 to about $850.

Demand has shot up for central Valley apartments during the past few years, and that has driven up rents.

Now that supply is rapidly climbing, however, renters might get a break.

Read more at The Arizona Republic

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