PHOENIX – 42% JUMP IN FAMILIES RENTING IN PAST DECADE

Source: Adrian Marsh / Phoenix Business Journal

The Phoenix MSA has seen a lot of recent growth. Companies are expanding, relocating, and offering more jobs here; personal income, cost of rent, and the Maricopa County population are increasing at higher-than-average rates; and the renter population is expected to reach 40% by 2020.

According to Phoenix Business Journal and RentCafe, there has also been a 42% increase in families with children renting in the Phoenix metro during the past decade. This means that about 70,000 more families are renting instead of owning a house, and many of them are searching for affordable, family-sized apartments.

The increase in the number of families renting is attributed to the declining birthrates, the high cost of raising children, and the current economic climate.

This change has been very good for multifamily real estate. Developers are investing more heavily in apartments in the Phoenix area. There are currently $1.4 billion worth of projects under construction in the Valley.

Multifamily housing has a bright future. Demand for Phoenix apartments is outpacing the supply, and the cost of rent continues to rise at a healthy rate.

With everything that is happening, it’s a good time to get involved in the multifamily housing market. Neighborhood Ventures is here to help with that.

Read the full Phoenix Business Journal article here.
By | 2018-07-28T00:30:36+00:00 July 28th, 2018|Rent trends, Renter Growth|0 Comments