Since the pandemic, the cost of rent in the Valley has grown and made affordable housing more difficult to attain, even as rents have tapered off from their peak. AZRE magazine sat down with Courtney LeVinus, president and CEO of the Arizona Multihousing Association, to discuss the state of the market, what’s being done at the legislature to contend with declining housing affordability and her thoughts on the future of the Phoenix.
“Over the last several years, we finally have seen construction of new multifamily units come to the market. After the 2008 recession, nothing was being built, so we’re now back to normal levels. As a result, we’re seeing occupancy levels decrease, which results in more competitive and in some cases, less expensive rent,” LeVinus said. “But really, it’s the new construction that’s driving those numbers, and that’s why we’ve always been huge advocates for new construction. Because if we really want to address the lack of affordable housing, it’s a numbers game. We have to build more units at all price points to keep rents reasonable and attainable.”
Source: https://azbigmedia.com/real-estate/heres-how-affordable-housing-remains-top-issue-in-arizona/
