More apartments to feed downtown Phoenix’s growth spurt
Oct 3, 2016, 2:45 PM
(AP Photo)
(AP Photo)
PHOENIX — Apartment hunters will soon have plenty of new units to choose from in downtown Phoenix.
A new report from the real estate firm ABI Multifamily said there are more than 3,600 new apartments under construction or planned in the downtown area. According to the report, about a third of those units are under construction, with the remaining portion in the planning process.
Downtown Phoenix has experienced a steady increase in new apartments and condo projects since the recession, in part due to the growth of Arizona State University’s downtown campus. There are currently just under 26,000 residents living in the downtown area, according to the Phoenix Business Journal.
For those residents, ABI’s report said there are more than 3,800 existing units across 63 downtown properties. Nine more properties are currently in the planning process for downtown Phoenix.
Although there will be a plethora of new apartments in downtown Phoenix, prospective renters will still essentially get what they pay for. Rents for newer downtown apartments are $700 higher per month on average than Phoenix as a whole, and $330 more than downtown Tempe and Scottsdale, according to the report.
For more information on new apartments in downtown Phoenix, the complete report can be found on ABI’s website.
