Skip to main content
search
NewsResidential

Scottsdale Developer has Multiple Projects for Average Renters in Metro Phoenix

By June 1, 2023No Comments

By Corina Vanek | Arizona Republic

One Valley developer is ramping up construction of apartments that are affordable without government subsidies, as housing for people earning Phoenix’s median income remains elusive.

“About 90% of what’s being built only serves less than 20% of the rental population,” said Robert Lyles, co-founder and senior partner of Scottsdale-based Greenlight Communities.

Across the Valley, many apartment complexes planned and under construction are high-end, luxury buildings, leaving them out of reach for average Valley residents.

Lyles said Greenlight provides housing for “essential workers,” with rents hovering around $1,000 per month. In a presentation to the Peoria City Council, representatives from Greenlight showed a breakdown of occupations of those who rent in one of their complexes in the West Valley. Many were employed in health care, service industry, retail, construction and education.

According to research from real estate firm Northmarq, the average rent in the Valley in the first quarter of 2023 was $1,614, a slight decrease from the average at the end of 2022. Housing is generally considered affordable if a resident spends one-third or less of their gross monthly income on it. According to the U.S. Census Bureau, the median household income in 2021 in Arizona was $65,913.

Greenlight’s two apartment brands, called Streamliner and Cabana, were designed for efficient construction and easy replication, with pared-down offerings to keep costs low. The company also owns its own general contracting and civil engineering divisions, so it can save by not contracting out those portions.

Read More (subscriber content)
Some stories may only appear as partial reprints because of publisher restrictions.