Does Phoenix/suburbs have enough apartment rentals for this trend? (Scottsdale: apartment complexes, renters)

[stevek64]

Too early perhaps to know if this is a long term/permanent trend but do you feel that Phoenix and some of the surrounding suburbs will be able to provide enough high rise/apartment rentals if this trend continues?

http://finance.yahoo.com/news/no-pic...010109865.html

Has anyone noticed more building going on to accommodate this demand where they live in the valley?

Will be interesting if this trend continues when these younger adults get older or will they eventually hop into the suburbs/buy a home to raise a family kind of thing?

Interesting implications for Phoenix and the surrounding suburbs over the coming decades.

[JGMotorsport64]

Originally Posted by stevek64

Too early perhaps to know if this is a long term/permanent trend but do you feel that Phoenix and some of the surrounding suburbs will be able to provide enough high rise/apartment rentals if this trend continues?

http://finance.yahoo.com/news/no-pic...010109865.html

Has anyone noticed more building going on to accommodate this demand where they live in the valley?

Will be interesting if this trend continues when these younger adults get older or will they eventually hop into the suburbs/buy a home to raise a family kind of thing?

Interesting implications for Phoenix and the surrounding suburbs over the coming decades.

I don't think that High Rise apts in Phoenix will be the issue in the coming decades.
Phoenix and surrounding satellites are really more like a collection mid-sized cities. Younger people will move closer to where they work. It's not as if most people work downtown they work sprawled all over the valley, like most things Phoenix.
Suburbs traditionally aren't really like Phoenix and its suburbs (which are more roided out than most).

Walkability will be a factor for sure, I don't miss living .5 miles from the major street and up to 3 for a standard shopping center, but that doesn't mean others don't like that lifestyle.

[new2colo]

Yes. Tempe and Downtown Phoenix have plans for multiple high rises aimed toward younger people. There are plans for 34 story apartment building at Central and Van Buren. There are also plans for a high rise over Monti's in downtown Tempe, along with other smaller scale apartment buildings.

Just as long as none of this appears is my community, all will be fine.

[stevek64]

Originally Posted by new2colo

Yes. Tempe and Downtown Phoenix have plans for multiple high rises aimed toward younger people. There are plans for 34 story apartment building at Central and Van Buren. There are also plans for a high rise over Monti's in downtown Tempe, along with other smaller scale apartment buildings.

Thanks for the info.

Originally Posted by new2colo

Just as long as none of this appears is my community, all will be fine.

.

[SillyButtons]

There are many abandoned lots/ run down buildings along the light rail in Tempe. One can only imagine this is a perfect location for this type of development.

[KurtAZ]

I think I just heard on KTAR a couple of days ago that the rent/buy factor in Phoenix Metro just skewed towards buying so I don't know how that will pan out. I agree that renting was more palatable when I was younger than purchasing a home. Keeps you mobile to be able to follow your career wherever that career may take you.

As anything, if there is demand for "high rise" apartments, someone will figure out how to take advantage of that and take their money. Historically I don't feel that Phoenix Metro's population density supported it and there would need to be a LOT of jobs centered in a certain area to make it feasible.

[Zippyman]

I've seen a number of new "infill" apartment complexes pop up in my area (far north/central) phoenix - the newest developments seem to pack an incredible number of people into a small land footprint (typically 3 story units).. not sure if there would be any real cost benefit to building those units into hi-rises, you still need some dirt to park cars on & parking decks get expensive fast. The land they're using now wouldn't fly for single-family homes (right on busy roads, behind gas stations, etc).

I can't see apartment living catching on as a long-term trend here, at some point you want room for your stuff, a yard for the dog to poop in & a chance to sleep all night without the neighbor's thumping & bumping waking you up. When the younger set has a few more bucks in the bank & more job stability, they'll start looking at single-family houses again.

[Potential_Landlord]

I can only speak for the small sample of young coworkers I work with (really smart kids btw) - they live in trendy apartment areas close to downtown Scottsdale or in Trilliums across the valley and they do not report outsized rent increases. It seems the complexes are well occupied but not to the point where there's a shortage. The newer complexes I see being build in my area do not seem to be as swanky and rather attracting lower income clientele of all ages.

[PinkElephant]

Originally Posted by Zippyman

I've seen a number of new "infill" apartment complexes pop up in my area (far north/central) phoenix - the newest developments seem to pack an incredible number of people into a small land footprint (typically 3 story units).. not sure if there would be any real cost benefit to building those units into hi-rises, you still need some dirt to park cars on & parking decks get expensive fast. The land they're using now wouldn't fly for single-family homes (right on busy roads, behind gas stations, etc).

I can't see apartment living catching on as a long-term trend here, at some point you want room for your stuff, a yard for the dog to poop in & a chance to sleep all night without the neighbor's thumping & bumping waking you up. When the younger set has a few more bucks in the bank & more job stability, they'll start looking at single-family houses again.

For all the people who are encouraging me to embrace apt living I yearn for room for my stuff, a yard for and a dog to poop in it, the chance to sleep all night and just not being at the mercy of mgmt denying issues and worse. Sounds like a step back to the suburban lifestyle I happen to love and miss.

[stevek64]

Originally Posted by PinkElephant

For all the people who are encouraging me to embrace apt living I yearn for room for my stuff, a yard for and a dog to poop in it, the chance to sleep all night and just not being at the mercy of mgmt denying issues and worse. Sounds like a step back to the suburban lifestyle I happen to love and miss.

Your post and several others bring up an interesting point. Personally, I like my space/love owning a house and see a bunch more benefits than renting an apartment or owning a Condo. Especially here in the Phoenix metro, it's pretty simple maintenance wise to own a stucco variety home. But on the other side, we have family that are up in there in age, in their 70's, and they've rented apartments their entire life and want nothing to do with owning a house. It will be interesting if we get a generation where many people share this view and never desire to own a home for whatever reasons(s). Often generation to generation desires change, sometimes quite drastically.

Perhaps being home renters is as far as the generation in their 20's and 30's would like to go, especially with the way the job market is these days. Certainly would be good news for landlords in the Phoenix metro.