Healthy employment and demographic trends are boosting multifamily demand in the Valley of the Sun, where rent growth is expected to reach 5.0 percent this year.
By Anca Gagiuc | MHN
Thanks to its warm climate and low business costs, Phoenix has slowly turned into a magnet for companies relocating from nearby California, pushing healthy demographic trends and boosting housing demand in the process. As a result, rents rose 4.0 percent year-over-year as of April, with further improvement in the cards for the Valley of the Sun.
Phoenix added 60,000 jobs through February, up 2.7 percent year-over-year and well ahead of the national rate. Tech companies have flocked to the Silicon Desert of late, a case in point being Galvanize, the Denver-based technology learning community, which opened a refurbished 58,000-square-foot warehouse, transforming it into a startup hub and learning center for the industry. Intel is working on its $7 billion Fab 42 project, which at full capacity is expected to host as many as 3,000 engineers.
