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Millennials a factor as apartments rise in Valley

It’s a good time to lease as apartments in the Valley are on the rise.

A report from Marcus and Millichap real estate said the Phoenix-area gained 7,200 new apartment units in 2015. That single-year number is the highest it has been in over a decade. It is also up from the 4,300 units created in 2014.  The report said the increase in apartments is fueled by strong job growth throughout the Valley.

Millennials are also playing a factor as they reach renting age.

“[Millennials] will rent for six years before they ever consider purchasing a home,” said KTAR Business Time host Mike Weinstein. “I think we’ve got a huge, huge market for rentals and renters down the road.”

Weinstein said a number of people ended up renting apartments this summer because there were not enough houses to rent. He said the job growth in the area will mean plenty of tenants in the future.

“As we continue to see job growth and we continue to see employment opportunities, especially in the Downtown Phoenix corridor, I think there’s going to be plenty of people to rent these apartments,” Weinstein said.

The report said areas like Downtown Phoenix and Scottsdale are seeing increased apartment construction, though demand is stronger than the number of units being built.

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