By Angela Gonzales | Phoenix Business Journal
It’s no secret builders can’t construct homes and apartment units fast enough to keep pace with demand in metro Phoenix.
Now more homebuilders are flocking to a hybrid model — single-family rental products — in an attempt to quench the demand for new residences.
The Valley currently has about 17,000 single-family homes listed for sale, which equates to about a 2.1 month supply of inventory, said Thomas Brophy, national director of multifamily research and analytics for Colliers International.
“Given the acuity of the housing shortage, having more homebuilders come into the market and increase inventory levels is certainly a good thing, especially for homebuyers,” Brophy said.