By Derek Hall | Arizona Republic
At least 25 apartment projects are planned or going up across the West Valley as the region responds to increased demand for rentals.
The new developments could add more than 5,000 units in the region as rents continue to rise throughout the Valley, pushing more renters to the suburbs in search of affordable rates.
The average monthly rent across metro Phoenix was $1,083 in the third quarter, a year-over-year increase of 6.7 percent, ABI Multifamily’s quarterly report shows.
Many factors are fueling demand, including higher-than-expected population growth and rising interest rates, said Thomas Brophy, research director for Phoenix-based ABI Multifamily.