An aging population, international immigration and fewer home purchases are resulting in an increased need for new apartments. The Phoenix metro area is expected to need 150,302 new apartments by 2030 to keep up with local demand, according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). The study found that, nationally, 4.6 million new apartments are needed by 2030. This growth would increase economic activity in Phoenix and across the country…»
New apartment completions totaled 86,431 in the second quarter, less than half of the current level of demand. RealPage notes that the market is still working to absorb the surplus of new units completed last year and early this year, during which almost no net demand existed. “Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase, and widespread availability of appealing new apartments,” says Greg Willett, chief economist for RealPage, in a statement…»
Long overshadowed by their Valley counterparts, Chandler and Gilbert are now making inroads as entertainment destinations for residents as their long-gestating downtown development plans mature and draw key restaurants, retailers and other attractions to the areas. The development plans behind both downtowns follow a valleywide trend that favors creating dense, walkable districts filled with local and regional vendors versus the traditional mall and power center models popular in the past…»
This year promises to be a transitional one for CMBS, as issuers not only attempt to comply with new regulations but also face the concern that the recovery of the economy and real estate fundamentals will run out of steam, notes Yardi Matrix Associate Director of Research Paul Fiorilla…»
Restaurants have made Gilbert more than farms and suburban bedrooms and Seventh Street through Phoenix more than a commuter route. Restaurants also have been, and still are, important to the commercial – and even residential – real estate markets as eating out and cool cuisine replace going to the mall and traditional brick-and-mortar retail shopping for consumers…»
