Greater Phoenix remains enticing for out-of-state multifamily investors, as demand continues to rise for well-located, highly-amenitized apartment units among both existing and future residents of the area.
A recent Multi-Housing News story shows multi-family occupancy rates in Phoenix remain brisk, perhaps even stronger than before the COVID-19 pandemic — a time when other major U.S. markets have experienced falling demand for apartments. And according to The Arizona Republic, most industry analysts believe rents will continue to climb in metro Phoenix in 2021 as a result of the Valley’s steady population growth.
So why is Phoenix such a hot spot for apartment living, and what can we expect from future investment from developers and owners seeking to capture some of this burgeoning market opportunity? A combination of factors impact the market, not the least of which is significant in-migration — including many people seeking apartments, not single-family homes — from various parts of the country. And this trend continues to gain support from strong job growth in the area.
To that end, global real estate analytics company Real Page says that while Phoenix hasn’t fully recovered economically from the pandemic, its bounce-back has been stronger than most other markets, prompting investors and developers to increase apartment supply in anticipation of housing needs from both locals and individuals and families moving to the area.
One of those companies is Cortland, a multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences who, for a few years, has prioritized Phoenix as a key market in its growth strategy. According to internal research conducted by Cortland, nearly 30% of its residents living in the Greater Phoenix metro area last year (2020) moved from another state. The influx of apartment dwellers has encouraged Cortland to double-down on its investment in Phoenix’s multi-family market. But Cortland isn’t the only one betting on Phoenix’s apartment future. So the Atlanta-based company has greatly expanded its branding and marketing efforts in the Valley of the Sun to capture even more of the area’s increasing demand for apartment housing and build greater awareness among brokers for deal flow.
More infohttp://cortland.com/phoenix
