By Roland Murphy | AZBEX
Much has been made about the Valley’s growth and the crisis-level need to add vastly more housing than we are currently delivering.
Analysts put demand levels at between 15,000 and 17,500 new multifamily units per year to meet our 2030 needs. The development and construction market has not come anywhere close to those numbers since the Great Recession. Estimates put 2021’s likely deliveries at around 11,500.
Because of the massive imbalance between supply and demand, nowhere in the Valley can make any legitimate claim of general affordability. Metro Phoenix has been a consistent leader in rent growth in recent years. An August 2021 report from RealPage showed a 21.6% year-over-year increase in rents. In July, the multifamily occupancy rate hit an all-time high of 97.3%.
FIVE of Arizona’s newly elected public officials visit Rose Law Group
Dozens of constituents gathered this morning in the Scottsdale office of Rose Law Group to hear from: Maricopa County Supervisors Mark Stewart, Thomas Galvin, Kate
