By Larry Kush | Your Valley
For the second quarter of 2021 apartment rents in the Phoenix metro area have risen 17%, which is the highest increase of any city in the nation.
Additionally, the vacancy rate in our market area is at an historic low of 3.6%, which effectively means most apartment communities are effectively full.
Is it any wonder that apartment construction seems to be happening everywhere? More and more large companies are moving facilities and employees to Phoenix and people are moving here in droves from the failed state of California.
The truth is however, that current construction is not keeping up with this increased population demand. More, not fewer apartment projects are going to be needed to support the continued projected population growth.
