By AZ Big Media
Since the pandemic, the cost of rent in the Valley has grown and made affordable housing more difficult to attain, even as rents have tapered off from their peak. AZRE magazine sat down with Courtney LeVinus, president and CEO of the Arizona Multihousing Association (AMA), to discuss the state of the market, what’s being done at the legislature to contend with declining housing affordability and her thoughts on the future of the Phoenix.
The following responses have been edited for length and clarity.
AZRE: Where does the multifamily market stand?
Courtney LeVinus: In the Phoenix market, we’re seeing about 92% occupancy, whereas coming out of COVID we were at nearly 98%. Rents have decreased anywhere between 2.6% and 3.6% when you consider concessions, such as when you sign a lease for a year and get a month of rent free.
