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Ep. 144 - How Malls Are Adapting; Is Renting More Affordable; Tallest Building in Tempe??
In this podcast episode, the team delves into several notable developments and trends in the multifamily housing market, with a primary focus on Tempe and Phoenix, Arizona. Tempe has approved plans for the construction of 500 apartment units, with an additional 1,000 units in the pipeline, including one of the city's tallest buildings spanning 27 stories. The team discusses the growing competition for student housing in the area.
They explore the broader multifamily rental market in Phoenix, where they reference an article highlighting robust increases in rents. They attribute this trend to delayed or canceled construction projects, largely due to the challenges of making them profitable amid rising debt financing costs. Jamison expresses concerns about the difficulty of finding affordable housing for middle-market individuals and discusses the longer timelines and increased expenses associated with affordable housing projects.
They also touch upon the impact of escalating construction costs and emphasize the need to build vertically, promoting density instead of horizontal sprawl, especially in light of the influx of approximately 100,000 people into the metro Phoenix area each year. The discussion underscores the challenges and opportunities in the multifamily housing markets of Tempe and Phoenix, with a focus on rising rents, changing development trends, and the need for more accessible housing options, both for students and the broader population.