Chamber Business News
Arizona is currently one of the hottest destinations for relocators, and the apartment housing industry is facing the subsequent pressures of that.
In 2016, Arizona had the fifth-highest number of net in-migrants in the nation. That is, over 24,000 more people moved into the state than out of the state that year. But of course, as these out-of-state citizens settle into the Grand Canyon state, they need housing, and that has put strains on apartments.
According to a study by RentCafé, Arizona’s apartment rates grew at the fastest rate in the nation during the first half of this year. Rents rose 5.8 percent between January and July – well above the national average increase of 3.2 percent.
