How Surging Population Drives Valley Housing Costs
Once a haven for developers and homebuyers, Arizona offered affordable land for sprawling suburban homes with Spanish-tiled roofs and swimming pools. New residents from across the nation, especially from neighboring California, have flocked to Arizona. Maricopa County, home to much of greater Phoenix, saw a staggering 57,000-person increase from 2021 to 2022, marking the nation’s […]
Landlords’ Struggles Hit US Banks Hard
Landlords nationwide are struggling with rising interest rates, soaring insurance premiums, and, in certain states, rent ceilings that stifle their ability to offset rising expenses. According to Fitch Ratings, this has resulted in a domino effect on various regional banks that have large multifamily loan portfolios, putting them at risk of losses. Regional banks with […]
Tempe Panel Recommends Sustainable Mixed-Use Complex
The Tempe Development Review Commission has recently recommended the City Council to approve a seven-story mixed-use complex at the intersection of Apache Boulevard and McClintock Drive. The complex comprises 275 apartments and 8,400 square feet of retail space, along with a 2,258-square-foot tech-enabled fitness center. The residents of the complex can enjoy resort-like amenities such […]
Mesa’s Missed Opportunity to Bring Affordable Housing to Its Downtown
Mesa and Culdesac are collaborating to transform a 25-acre empty lot owned by the city, known as Site 17, into a car-free community with 1,000 housing units and 50,000 square feet of retail space. In the 1990s, a predominantly Hispanic neighborhood was demolished to make way for an entertainment district that never materialized, and the […]
CSI’s Report Reveals Arizona’s Housing Shortfall and Supply Challenges Persist
The Common Sense Institute (CSI) released its Quarterly Housing Report, revealing the changing landscape of Arizona’s housing market. The report brings some good news, stating that the state’s housing shortfall has decreased from nearly 100,000 units in 2020 to approximately 67,000 units in early 2024. However, it also highlights the continuing housing supply and demand […]
Maricopa’s Pedestrian-Friendly Rental Neighborhood Inches Closer to Reality
Dominium, a real estate developer, has submitted additional pre-application paperwork for a major development review permit for Maricopa Stonegate – a pedestrian-friendly rental neighborhood. Renderings depict Spanish Colonial-inspired buildings with earthy tones, tiled roofs, and stone facades, which reflect Maricopa’s architectural charm. The development aims to offer 215 rental units, ranging from two to four […]
Expanding Affordable Housing in Phoenix
In 2023, there were a reported 9,600 homeless people in Phoenix. To tackle the area’s housing crisis, Rehoboth Community Development Corporation, with the support of the Arizona Department of Housing, Home Matters, and the City of Phoenix Home Funds, will soon open Rehoboth Place II, an affordable housing complex with 66 units. This development will […]
The Valley Welcomes Seven New Developments
Wood Partners has opened a 215-unit luxury apartment complex, Alta Biltmore, at 1720 E. Camelback Road in Phoenix. This marks their third project in the Valley, following the opening of Alta Surprise and Alta 99th in 2023. The Valley is also welcoming six other new developments, including Rehoboth Place II (66 affordable units), Portico (112 […]
Rent Stabilization Could Hurt Renters
The AIER argues that capping rents, whether referred to by advocates as “rent stabilization” or “rent control,” does not benefit renters. If the government passes a law limiting rent increases to a certain percentage annually, it may lead to people wanting to rent at the capped rate, resulting in a significant decrease in the number […]
Phoenix Welcomes New Luxurious Development at The Grove
StreetLights Residential has recently unveiled The Bergen, a new luxurious apartment complex in Phoenix located at The Grove. This marks their eighth development in Arizona, and they are continuing to grow their portfolio of high-end multifamily properties in Phoenix, Tempe, and Scottsdale. The Bergen comprises 58 two-bedroom residences and boasts top-notch amenities like a chef’s […]
