Downtown Phoenix outpacing Scottsdale Rental Market (2015, apartment, home)

[JGMotorsport64]

Downtown Phoenix replaces Scottsdale as most expensive rental market - Phoenix Business Journal

The average asking rental rate in the downtown and Roosevelt Row area was $1,256 per month in the second quarter, according to Colliers.


That is up 12.2 percent from 2Q 2014 and is the most expensive rental market in the Valley.
The Camelback area had the largest rental jump, 14.4 percent, in the second quarter compared to a year ago.


Rents there average $1,030, up from $900 a year ago.

I, for one, am excited to see our core finally coming through, now we need to keep up the apartment building to match the demand.

[new2colo]

Originally Posted by JGMotorsport64

Downtown Phoenix replaces Scottsdale as most expensive rental market - Phoenix Business Journal





I, for one, am excited to see our core finally coming through, now we need to keep up the apartment building to match the demand.

Phoenix Central Station (Central and Van Buren) is supposed to be the site of a 34 story building this fall. That should help with some of the demand.

[JGMotorsport64]

Wow 34 stories? We rarely get buildings that tall anymore.

I've been very impressed with the RoRo area as of late, it's an example of a project where we didn't ruin what made it cool to expand it.

[yukon]

I, for one, am excited to see our core finally coming through, now we need to keep up the apartment building to match the demand.

And wages to keep up with the rapidly rising rents.

[JGMotorsport64]

A continuously bettering downtown should yield some business moves into the area, advertising what we have would bring more investment likely creating higher paying jobs for those in the area. Phoenix isn't well known for its young and creative class, but a vibrant urban corridor would be a great place to start.

[Valley Native]

Originally Posted by JGMotorsport64

Downtown Phoenix replaces Scottsdale as most expensive rental market - Phoenix Business Journal

I, for one, am excited to see our core finally coming through, now we need to keep up the apartment building to match the demand.

It doesn't seem to me like this would be such a positive thing because more a more expensive rental market could have the effect of forcing some businesses to leave for cheaper locations, and new businesses might be more reluctant to move in. What would really be more encouraging is if the article said: "Downtown/Roosevelt Row is now the most sought after rental market".

Originally Posted by new2colo

Phoenix Central Station (Central and Van Buren) is supposed to be the site of a 34 story building this fall. That should help with some of the demand.

I haven't heard of any plans for this, but I hope it goes through. I'm kind of skeptical about the site chosen. Why did they pick Central Station? There are plenty of ugly vacant lots further north to build nice highrises on, such as Central & McDowell or Central & Camelback.

[observer53]

Originally Posted by Valley Native

...


I haven't heard of any plans for this, but I hope it goes through. I'm kind of skeptical about the site chosen. Why did they pick Central Station? There are plenty of ugly vacant lots further north to build nice highrises on, such as Central & McDowell or Central & Camelback.

Chicago developer to build Phoenix's tallest residential high-rise


I suspect it's the downtown core they want, and not midtown or downtown. Of course, it says hope to start construction by August 2015. Well, there is still time, I suppose. I'm not sure how they are going to build without disrupting bus and rail (the transit hub is to be part of the finished project.) Could be interesting.

[Java Jolt]

Originally Posted by observer53

Chicago developer to build Phoenix's tallest residential high-rise


I suspect it's the downtown core they want, and not midtown or downtown. Of course, it says hope to start construction by August 2015. Well, there is still time, I suppose. I'm not sure how they are going to build without disrupting bus and rail (the transit hub is to be part of the finished project.) Could be interesting.

I think downtown has enough tall buildings but I'd like to see some areas north of there become a little taller, denser, and livlier.

Filling the gap between downtown and midtown would be a good start, and midtown could really use some after-hours life.

[observer53]

Originally Posted by Java Jolt

I think downtown has enough tall buildings but I'd like to see some areas north of there become a little taller, denser, and livlier.

Filling the gap between downtown and midtown would be a good start, and midtown could really use some after-hours life.

Agree with that!

[new2colo]

Originally Posted by JGMotorsport64

Wow 34 stories? We rarely get buildings that tall anymore.

I've been very impressed with the RoRo area as of late, it's an example of a project where we didn't ruin what made it cool to expand it.

I agree. It was originally scheduled to break ground this month, but the groundbreaking was pushed back to the fall earlier this year. It could also potentially be home to downtown's first full service grocery store in decades.

Originally Posted by Valley Native

I haven't heard of any plans for this, but I hope it goes through. I'm kind of skeptical about the site chosen. Why did they pick Central Station? There are plenty of ugly vacant lots further north to build nice highrises on, such as Central & McDowell or Central & Camelback.

The site was chosen because the city put out a Request for Proposals to redevelop that block. I think it is a bit odd as well, especially seeing as federal stimulus money was used to construct Central Station just a handful of years ago. The ground level area will still serve as a transit hub for bus and light rail. In any case, the city put out the RFP about a year and a half ago or so and received several proposals for the land. The city chose this proposal, which, believe it or not, was the more conservative one.