Cool Article today on Apartments Economic impact in Phoenix
https://www.bizjournals.com/phoenix/...627&j=86552251
Arizona's apartment industry generates $3.8 billion in economic output each year at a time when 37 percent of Arizona residents live in rental housing, according to a new study.
The Arizona Apartment Analysis, conducted for the Arizona Multihousing Association by Elliott D. Pollack & Co., found the apartment industry generates 22,000 jobs totaling $699 million in wages.
Since 2012, the number of apartment building permits has grown steadily, with more than 10,000 units permitted in 2016 and in 2017. According to the study, 2018 appears to be on track for similar results.
Rents are increasing, averaging $938 per month for all apartment sizes during the second quarter of 2018 in metro Phoenix, up from $908 during Q4 2017.
These rising rents come as 32 percent of renter households in Arizona earn less than $25,000 a year, creating a need for more affordable housing. About 32 percent of households in Arizona pay more than 30 percent of their income for housing expenses.
However, Courtney LeVinus, president and CEO of the Arizona Multihousing Association, said new project construction appears focused on the high end of the market.
"There is a need and strong demand for reasonably priced housing in all forms that are close to employment centers and transportation," Levinus said in a statement.