Tower Capital’s Insight on What’s Ahead for Second Half of 2024
Tower Capital, which connects apartment developers and buyers to financiers, predicts a potentially “challenging, wonky year” for the multifamily market in Phoenix due to various factors. Phoenix has a growing job market and population, which keeps housing demand high. There was a significant amount of new construction in 2023, which is likely to create downward […]
Housing Advocates Applaud Arizona Policymakers Efforts to Alleviate Supply Crisis
Courtney Gilstrap LeVinus, president and CEO of the Arizona Multihousing Association, praised the efforts of Arizona policymakers in tackling the housing supply crisis by passing HB2297, in a recent op-ed in the Phoenix Business Journal. HB2297, which became law in April, will enable communities and developers to transform abandoned and underutilized strip malls and commercial […]
Governor Hobbs Approves New Affordable Housing Development in Phoenix
Governor Katie Hobbs and other Phoenix-area leaders praise the opening of new affordable housing units in Phoenix, located near 31st Avenue and Thunderbird Road. The development, called The Reserve at Thunderbird, comprises 108 three- and four-bedroom apartments designed to accommodate mixed-income families and offer permanent supportive housing. Funding for the project includes contributions from housing […]
Phoenix’s Apartment Market Saw Strongest Quarterly Gain Since 2022
In March, Phoenix’s apartment market witnessed modest rent hikes, notably surging by 0.7% in the first quarter of 2024—the most substantial increase since 2022. This rise, coupled with increased renter demand and a stabilization in vacancy rates, suggests the market may be on the mend. However, elevated concessions could challenge effective rent growth at individual […]
Sensible Water Policies Can Help Build Affordable Homes, According to Republicans
Arizona grapples with a pressing housing crisis propelled by a population surge alongside a constrained housing inventory, driving home prices up. Republicans attribute this crisis partly to existing water policies, which hinder the construction of new homes in affordable sectors. To tackle this, they introduced SB1172 and HB2589 to preserve groundwater and increase housing supply. […]
Proposal to Boost Construction of Affordable Housing Making Headway in Arizona Legislature
Arizona lawmakers, in collaboration with housing advocates and homebuilders, are close to finalizing a deal with cities to boost the construction of townhomes, duplexes, triplexes and similar homes in larger municipalities on land now set aside for single family homes. Spearheaded by Rep. Michael Carbone, the proposed legislation seeks to help young workers and families […]
Office Building Tower in Downtown Phoenix For Sale
A 19-story office building, located at 111 W. Monroe St. in downtown Phoenix, is currently listed for $24 million. This development spans approximately 256,682 square feet, with about 31% of its space currently occupied by tenants in the banking and health services sector. The building resides within an Opportunity Zone, offering a spectrum of potential […]
CSI Report Finds Arizona Is Losing Its Competitive Edge
A recent report by the Common Sense Institute has revealed that Arizona is losing its competitiveness due to a shortage of housing supply and an increase in home prices. The institute conducts a nationwide Housing Competitiveness Index, which measures several factors such as “hours to pay mortgage,” “hours to pay rent,” “housing shortage/surplus,” and “[percentage […]
Maricopa County’s Major Housing Contributions Towards Arizona’s Growing Crisis
Maricopa County has undertaken substantial initiatives to help Arizona’s pressing issues of homelessness and affordable housing. Through investments surpassing half a billion dollars, the county has expanded shelter capacity by over 600 beds and benefitted 11,400 individuals across various shelter types. Collaborating with 211 partner organizations, they provided support to 26,000 landlords and tenants and […]
Casa Grande Welcomes New Affordable Housing Complex
Lincoln Avenue Communities and Fairview Housing Partners have started construction on Cottonwood Ranch, a 300-unit affordable housing complex in Casa Grande. The project is expected to be completed by late 2025. The complex will provide affordable housing options for individuals earning up to 50-60% of the median income in the area. It will feature two-, […]
