Whether you live or work in downtown Phoenix or one of Maricopa County’s many suburbs, you may have noticed the increased amount of construction on every corner. This is due to a massive apartment boom that has sprung up rapidly in the Valley within the last year.
Apartment booms happen often, and have recently occurred in other large metropolitan areas like Austin, TX and Chicago, IL. Phoenix is now making its mark on the apartment boom trend!
According to the United States Census Bureau, Maricopa County is the fastest growing county in the country by population. Maricopa County includes Phoenix and most of its surrounding suburbs, including Chandler, Gilbert, Mesa, Glendale, and Tempe. As stated by the Census Bureau, our estimated population now tops 4.2 million—no wonder we need more apartments!
There are hundredsthousands of apartment units on the map for construction this year. The boom in building is an attempt to appeal to students from ASU’s downtown campus, young professionals in the growing downtown tech world, and even empty-nesters.
Dan Kloche, Vice President of the Development Department of Downtown Phoenix Inc., recently proposed 3 reasons why there is a demand for more apartments in the downtown Phoenix area. “Demographic trends: lots of students and younger people are going to live in downtown Phoenix, either for education or work. Desire for mobility: living in an apartment allows people to move easily.
Urban vibe: downtown is becoming a true urban neighborhood with amenities that include education, restaurants, arts and cultural museums, and sports stadiums.”
With the tech world in bloom here in Phoenix, more apartments are needed and are going to be popping up in the Roosevelt Row area, the north end of downtown, and areas near CityScape and Margaret T. Hance Park.
What does this apartment boom mean for those already residing in Phoenix? It means there is an influx of people coming into the city, and that Phoenix will have to steadily accommodate the increase in population and demand for urban living. Rent in the Phoenix area averages on $890-1,100 for one and two bedroom units, according to the May 2017 National Rent Report. In regards to rental pricing, Dan Kloche says that “as long as the Phoenix area continues to provide decent jobs, people will earn salaries to afford the apartments.”
Providing people with more housing options is a good thing for the city overall, but there have been a few complaints on what this might do to the Roosevelt Row Arts District. Roosevelt Row has been under constant construction for the last year or so, and has become more expensive for growing artists to live in. The average rental price for the area is a little more than $1,000 for a studio apartment. Many historical buildings are being turned into commercial retail and living spaces, making this charming arts district a bit more “corporate.”
The apartment boom will likely continue for years. Dan Kloche believes that downtown Phoenix should “expect some pretty dramatic changes” in the next five years. Are you looking forward to having more housing options in the Phoenix metropolitan area? What concerns do you have regarding our rise in population?