And there seems to be a demand for winter visitors here..So rental rates should match selling prices ?? Time to capitalize on our prime property.
PHOENIX (KSAZ) - Maybe you've noticed it in your neighborhood, or as you've driven around town, large apartment projects being built.
It's a boom that will add tens of thousands of new units across the valley.
There are some projects underway and more to come as more people decide they would rather rent than buy.
Developers are building fast to keep up with the demand.
East valley, west valley, central valley, there is a big boom underway in apartment construction.
Mike Kron is a developer who is breaking ground on a 354 unit apartment complex in Mesa. Southern Avenue Villas is hoping to attract young families with a lifestyle community feel and a long list of amenities.
"Major club house, fitness center, business center, basketball court, cabanas, sand volleyball court, and a dog park," said Mike Kron.
Valley wide apartment construction is hopping, it's a shift away from traditional ownership to a rental lifestyle.
Rental brokers ABI Multi-Family said there are 56 projects underway, which will add more than 13,000 apartment units in the valley.
In the pipeline according to the company, 62 more apartment communities. That will add another 16,000 apartment units in the Phoenix valley.
Valley renters can absorb that inventory according to Kron, as people continue to avoid buying a home.
"It's tougher to get loans these days from both personal and professional experience. I know lenders are tougher, and a lot of people are shying away from single family homes and saying, you know an apartment isn't such a bad deal. We get to pay our check, they take care of all the maintenance for us, all we have to do is enjoy the community and that's not a bad thing for a lot of people," said Kron.
One question remains, is anyone alarmed that we will they overbuild in apartments in the valley?
Kron says with the Mesa Southern Project the demographics indicate we don't have enough housing and all of this will be absorbed very quickly.
SOURCE:http://www.fox10phoenix.com/story/28998290/2015/05/06/developers-surge-with-apartment-community-building-valley-wide
