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Phoenix Rental Real Estate Growth Skews Affluent
Phoenix’s largest rental real estate company just announced its largest project. That’s a big bet on a market that many are trying to gauge.
Chris Brozina is Executive Vice President of Mark Taylor. He said the company manages over 15,000 rental units across the metro area and, since the recession, the average age in rental communities has gotten older.
“Probably have a pretty large percentage of residents over the age of 40, 45, 50 years old even. Really, the community has been built to suit that demographic," Brozina said.
He said a certain amount of apartment demand is directly attributable to job growth in the Valley.
“So we don’t believe in a ‘Hey if you build it, they will come.' We more believe in a ‘Hey, they’re telling you what they’re attracted to. Build that,” Brozina said.
Brozina said since 2011, demand for new construction has been concentrated in the affluent areas of town. Brozina said the average number of people per household is also growing, which is a reflection of families choosing rentals over single family homes