By Angela Gonzales | Phoenix Business Journal
The burgeoning build-to-rent sector has about 9,500 units under construction in metro Phoenix, adding to existing inventory of about 8,700 units, according to a report released by Northmarq.
“We’ll be seeing the local inventory of single-family build-to-rent units doubling in the next 18 to 24 months,” Peter O’Neil, research director for Northmarq, told the Business Journal.
Even doubling inventory in this rapidly growing sector, the housing market will still be undersupplied, said Trevor Kosovich, president of Northmarq’s investment sales platform.
Separately, a report by Washington, D.C.-based Up for Growth found that Arizona has a housing deficit of 122,683 homes, representing a 1,377% increase since 2012.
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Related: Arizona Housing Deficit Up 1,377% in 10 Years