Many Phoenix Renters Opt to Renew Their Leases Rather Than Relocate, Despite New Developments Opening
Despite the influx of thousands of new apartment units entering the rental market in metro Phoenix each quarter, a recent RentCafe study reveals that 57.9% of renters are deciding to renew their leases rather than relocate. According to the report on the nation’s most active rental markets, Phoenix’s occupancy rate dipped to 92.4% at the […]
Phoenix Construction Cost Increase Stays Below 1% for Q2
According to a report from Phoenix-based Rider Levett Bucknall (RLB), a construction advisory, cost, and project management firm, Phoenix has recorded its second consecutive quarter of construction cost increases of below 1%. In contrast, the national average saw a 1.12% rise over the previous quarter. Phoenix’s annual increase of 4.17% ranks as the third-lowest among […]
A New Build-to-Rent Complex is Coming to Scottsdale
MODUS Companies has proposed a state-of-the-art single-family Build-to-Rent development in south Scottsdale on Oak Street near 64th Street. Named Papago Village, it spans 10.01 acres and offers 46 one-bedroom and 48 two-bedroom units. Papago Village aims to be a leader in residential technology, meeting Department of Energy Zero Energy Ready Home standards for exceptional energy […]
CoworkingCafe Report Ranks Mesa and Phoenix in Top 3 for Economic Growth
According to CoworkingCafe’s analysis, Mesa, Phoenix, and Surprise are top U.S. cities for economic growth. Mesa ranked #1 and Phoenix #3 among large cities, while Surprise took the #5 spot for small cities. All three cities recorded a 37.82% GDP growth, trailing only Austin, TX among large cities and a few Texas and Idaho locations […]
Demand for Apartments Increases in Q2 of 2024
According to RealPage Market Analytics, over the past 12 months, approximately 390,000 apartment units were occupied, which is the eighth-largest figure since 2000. In the first two quarters of 2024, around 257,000 units were filled, similar to the record high set during the pandemic. Despite the gap between supply and demand narrowing, there continues to […]
Multifamily Property Owners May Soon Face Major Issues
The Federal Reserve’s actions to curb inflation have significantly escalated mortgage costs for building owners. Some are struggling to fill units and generate sufficient income, while others face occupied apartments where rents cannot rise fast enough to cover increasing loan payments. According to CRED iQ data, nearly one in five multifamily loans is now at […]
Multifamily Developer Founds Homeless Shelter, Impacts Tucson Unhoused Community
A homeless shelter founded by one of Arizona’s most prominent apartment developers has made a significant impact on the Tucson area in a short amount of time. The H.S. Lopez Family Foundation Center of Opportunity, which celebrated its fifth anniversary in June is the brainchild of Humberto S. Lopez. Born in Mexico, Lopez worked hard […]
Phoenix Expands Central Business District Boundaries to Drive Downtown Development
Phoenix has expanded its Central Business District boundaries, approved on June 26. The new boundaries stretch from McDowell Road to Broadway Road, and from 23rd Avenue to 20th Street, potentially growing the district from 2 to 12 square miles. This move aims to spur development with incentives like the Government Property Lease Excise Tax program, […]
Glendale’s New Partnership Works to Destigmatize Affordable Housing
Glendale, in partnership with the Maricopa Association of Governments, is leading the “Home is Where it All Starts” campaign to promote affordable housing across Arizona. This initiative addresses the stigma surrounding affordable housing and emphasizes its crucial role in community well-being. Arizona is experiencing a severe housing shortage, with only 26 rental units available for […]
Phoenix Prevailing Wage Ordinance Faces Legal Setback
The City of Phoenix says it remains determined to establish a prevailing wage ordinance despite its recent setback in the Maricopa County Superior Court. The ordinance, championed by Phoenix Mayor Kate Gallego, aimed to set compensation for workers on city-funded construction projects valued at $4 million or more. Initially scheduled to take effect on July […]
