April 24, 2024 5:52 pm
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Urbanization drives luxury multifamily market

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Multifamily construction in Greater Phoenix returned to record level highs for completed number of units, rental rates and investment activity for the first time in over a decade.

This year marks one of the highest rates of completion of multifamily developments since 2000. It also exceeds investment activity levels not seen since 2007. In turn, rental rates rose for a seventh consecutive year, which marks a 30 percent rise since 2009.

“There has been somewhat of a pent up demand for high-end, rental housing in Arizona for the past several years,” says Tom Shelton, principal at Shelton-Cook Real Estate Services.

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