Phoenix is seeing a rise in apartment complex rates due to the increase in renter population in downtown areas. The average apartment rent in the greater Phoenix area is $924, which is an increase of about $70 since the beginning of 2015. Many young adults and millennials who do not have the financial capability to buy homes are resorting to purchasing leases and renting out apartments.
Tynin Fries, a junior at Arizona State University, says her choice of apartment in downtown Phoenix depended on the proximity between their and school.
“Just because it saves us money on gas, it saves us money on parking on campus, which is really expensive so it has to be within walking or biking distance so being downtown is really important.”
With more than 10,000 apartments currently under construction, phoenix will be looking to see an increase in living population in apartments like these as well as it’s apartment rent prices in the near future.
Apartment complexes such as The Met, Roosevelt Point and the Continental all offer a convenient location but for Drew Martin the high price does not match the benefits.
“I think that for the price students are paying, we should get a little more value in where we choose to live because right now the places that are available are expensive and the price is only going to go up from there.”
If people choose to not live in apartments or decide to live elsewhere, that number may dip, giving existing renters a slight benefit.