How Much Home Price Growth is Slowing in the Valley

By Angela Gonzales | Phoenix Business Journal Home price growth in metro Phoenix is sinking like a lead balloon. For nearly three years, Phoenix had led the nation in home price growth until March, when the metro dropped into second place. It’s been on a steady decline since then, dropping to No. 7 on the …

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Surprise Sued Over Affordable Housing Referendum

By Corina Vanek | Arizona Republic A group of residents is suing Surprise after the city rejected the signatures they submitted requesting a referendum on an affordable housing development. Voice of Surprise submitted 5,432 signatures on Sept. 16, after the City Council narrowly approved a preliminary development plan that would clear the way for 601 …

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New Co-Living Apartment Complex Makes Phoenix More Affordable

By Corina Vanek | Arizona Republic Yhara Quiroz wanted to move to downtown Phoenix, but decided it wasn’t a good time to buy a place with the area’s soaring costs for houses and condos. She toured X Phoenix, a new apartment complex at Second Avenue and Monroe Street, planning to rent a one-bedroom apartment. She …

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Forty-two Percent of Metro Phoenix Homes Are Available for Rent

By Angela Gonzales | Phoenix Business Journal Metro Phoenix currently has 3,252 single-family homes available for sale and a total of 2,365 single-family homes for rent for a total of 5,617 units available, said Keith Burton, Realtor with The Rider Elite Team in Scottsdale. “This converts to 42% of homes available for rent,” he said. …

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Single-Family Rental Rates Here are Twice the National Average

By Angela Gonzales | Phoenix Business Journal Single-family home rent prices experienced extensive growth during 2021 nationwide, increasing an average of 7.8% compared to 2.6% in 2020, according to CoreLogic’s latest Single-Family Rent Index. In metro Phoenix, single-family rents rose 18.9% year over year in December 2021, up from 11.1% in December 2020. “Strong employment …

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Despite Large Maturing Loan, Fashion Square Not in Danger

By Corina Vanek | Phoenix Business Journal Despite a loan worth $423 million coming due in 2023, Scottsdale Fashion Square is not in any financial danger, according to Robert Kline, managing director of debt and structured finance for the Southwest region for Colliers International. “Scottsdale Fashion Square is the crème de la crème of malls …

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High Demand for Build-to-Rent Model with Valley Roots

By Angela Gonzales | Phoenix Business Journal With more than 5,000 existing units and more than 6,900 more units under construction in metro Phoenix, the wildly popular build-to-rent sector is continuing to explode in Arizona and is now building momentum across the nation. With 32 build-to-rent communities already in place across the Valley, there are …

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Local Experts Says Eviction Crisis Less Likely to Impact Arizona

By Matt Roy | Daily Independent As federal protections for renters distressed by the ongoing COVID-19 public health crisis are set to expire at the end of the month, officials and experts wonder what impact a long-dreaded eviction spike may have in Arizona. The eviction moratorium enacted by Gov. Doug Ducey last March expired at …

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Hybrid Build-to-Rent Construction Ramping Up Across Metro Phoenix

By Angela Gonzales | Phoenix Business Journal Nearly two dozen build-to-rent projects representing more than 3,800 units are under construction across metro Phoenix, as this hybrid model of single-family homes built in a rental community grows in popularity among renters, builders and investors. With more than 3,750 units already existing in the market, another 4,700 …

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Scottsdale Investor Buying Up Land for Single-Family Hybrid Rentals

By Angela Gonzales | Phoenix Business Journal A Scottsdale multifamily investor is in the midst of a giant pivot as it buys land to build more single-family hybrid rental communities. With two projects already under construction near South Mountain, Avenue North LLC is working on two more projects in Phoenix and another in Las Vegas. …

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