The Arizona apartment boom is expected to bounceback in 2016 as the state’s booming economy lifts more people out of poverty, and as the region’s economy picks up pace, housing starts rise.
The median price of a one-bedroom apartment in Phoenix rose $1,400 in 2016, according to the Greater Phoenix Association of Realtors.
The same year, the median price for a two-bedroom jumped $2,100, according.
“A lot of people are coming into the market,” said Mark Rinaldi, chief economist for Realtor.com.
“We have more supply than demand.
We’re seeing it in the data and that’s been reflected in the prices.” “
The supply is growing.
We’re seeing it in the data and that’s been reflected in the prices.”
More than half of all renters in the Phoenix metro area in 2016 were renters who had at least one job.
That was up from 41 percent in 2015, according the latest figures from the Arizona Department of Economic Development.
Arizona’s jobless rate was 6.6 percent in 2016.
The unemployment rate in the state hit 4.3 percent in April, a new low, and is the lowest in the nation, according at least two independent studies.
“It’s a lot better than we’ve seen it in years past,” said David Ebert, chief of workforce for the Association of Arizona Colleges and Universities.
Housing starts rose nearly 10 percent in Phoenix from the year before. “
I think that’s helped the housing market a lot.”
Housing starts rose nearly 10 percent in Phoenix from the year before.
A new three-bedroom, two-bathroom condo building with 200 apartments in Phoenix opened in May at the corner of N. Fourth Street and East Fifth Avenue.
The new apartment complex will have 1,000 units, the second-largest in Phoenix.
It is a mixed-use project, with two shops, a movie theater, a coffee shop and a rooftop bar.
“They are taking advantage of the economy and they are finding people that can make a lot on the housing,” said Realtressor.
“This is not just a market that’s going to go to foreclosure.
This is a market where you can make good money.”
A look at housing affordability in the metro areaThe Phoenix metro was one of the few places in the country that had affordable housing.
The city of Phoenix has one of most expensive median prices in the United States for a one, two or three-bedroom rental, according, the Real Estate Board of Greater Phoenix.
The two-bed apartments for $1.25 million in Phoenix went for $2.7 million.
A two-unit unit in the area went for about $1 million.
Realtresses estimate the median income in the region is $47,000.
“In the last 10 years we’ve had a lot in housing prices,” said Rinalsi.
“That was a very, very good year.”
Rinali said the housing boom has helped make the area a better fit for renters.
“You see a lot less of the [affordable housing] market being in downtown Phoenix,” he said.
The housing market has picked up momentum as the economy picks back up.
In 2016, the metro saw about 1,300 new construction starts, and 2,300 more apartment units were built, according Realtrises data.
More than 40,000 households were renting, up from about 10,000 in the year prior, according figures from Realtist.com, the national real estate website.
Phoenix was one other metro area to see a slight increase in housing starts in 2016 after another downturn.
New York saw the biggest jump in housing activity, but that’s not a good sign for the overall housing market, Rinalis said.
“New York has been hit by a lot and we see a slowdown in the overall pace of construction,” he told NBC News.
“But we do see housing starting to come back.”