By Catherine Reagor | Arizona Republic
Homebuyers are seeing subdivisions go up across metro Phoenix where they want to live.
But they can’t buy in many of the new neighborhoods from Buckeye to Gilbert. They can only rent if they want to live in one of the houses.
Metro Phoenix has long been a hotspot for homebuilding, and now it’s the top market in the U.S. for single-family rental construction. And the rents on these new houses are climbing nearly as fast as home prices. The Phoenix area is second to only Miami for single-family rent hikes during the past year.
Almost 140 build-to-rent communities for single-family homes have gone up in Maricopa, Pinal and Pima counties since 2019, said Jim Daniel, president of the veteran new home research firm RL Brown Reports. Most of the new subdivisions are in metro Phoenix.
