With its growing population, Phoenix apartment investments are becoming increasingly popular. With several multifamily construction projects in the pipeline and more residents projected to move into the area, there may be new investment opportunities. If you are new to this real estate area, you may have questions about selecting the right property. Here is more about investing in the Phoenix apartment market:
The Phoenix Apartment Market
One factor to consider is the consumer. According to a recent report, Californians accounted for a significant number of the new residents migrating into Phoenix. Many of these transplants have come to Metro Phoenix looking for employment opportunities and a lower cost of living. When compared to housing costs in California cities, Phoenix apartment pricing tends to be far lower. California consumers are generally already pleased with the less expensive apartment living in the area. This group may have particular architectural preferences but overall, paying less is the primary attractor.
Another group that is moving into Maricopa County is young professionals. These individuals may be seeking mixed-use luxury properties close to public transportation with downtown access. There have been numerous companies setting up operations in the area, and some may have employees with children. Families tend to be content with living further from urban centers as long as they are near good schools and amenities such as public parks. Students and recent grads may want to be near one of Metro Phoenix’s many university settings.
The Future of Phoenix Apartment Market
According to a recent article, the Phoenix apartment housing market is expected to perform well in the coming year, and sales prices and rental rates will increase. Lending in the Phoenix Metro service area has been active. Recent data shows that 14 multifamily properties (1,063 units) are under construction of 20-100 units or more. There are 25 proposed properties (1,739 units). Over the next two years, 47 multifamily properties will be delivered (3,289 units). By the end of 2020, 1,255 units will have been delivered in 17 different properties throughout the Phoenix area.
You may want to consider areas where new construction projects are in the works. Mixed-use retail and office spaces tend to have some residential living. However, these dwellings can fill quickly. Depending on the popularity of the area, other residential communities may spring up nearby to meet demand.
When it comes to investment strategies, it’s essential to do your research on the locale you are considering. Talk with an experienced local real estate professional about the community and recent activity. Find out what trends they have been seeing. Property managers in the community can also be an excellent source of information. Once you have done your due diligence, meet with an experienced, local real estate attorney who can help you review your options, and protect your interests.
Real estate investment can be a lucrative and exciting endeavor. However, it’s essential to enter into the process fully informed and with the advice you need. Laura B. Bramnick is an Arizona real estate attorney with the knowledge and experience you need to protect your interests during every stage of your real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.