Phoenix No. 7 as luxury apartment searches hit all-time high

By My Affordable Luxury Magazine | AZ Big Media

It has probably never been a better time to hunt for a luxury apartment. Rising vacancies coupled with a glut of newly developed luxury apartments has forced developers and owners to slash prices and hand out generous concessions.

There are plenty of rental discounts as high as 3 to 4 months of free rent, as people have fled urban areas, where most luxury apartments are concentrated, and left many high-end apartments sitting empty for months.

This mass suburban migration, or the urban exodus, has left metro area landlords, especially of high-end properties, desperately trying to incentivize to fill vacant properties and to compete with new luxury units coming onto the market every day, according to David Prince, real estate broker at Chicago-based Main Street Real Estate Group.

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