Demand for Housing in Downtown Phoenix Remains High

Demand for Housing in Downtown Phoenix Remains High
View of the Skyline Lofts Apartment Homes on N 4th St. in Phoenix

New housing units have sprung up downtown, allowing for the growing city population to find a home in Phoenix’s bustling urban culture.

Walking around downtown Phoenix it’s hard not to notice all of the construction around the city.

“They already completed around 1,200 new house units and there are over 1,600 under construction, and up to another 3,000 that are in a sort of pre-development,” said Dan Klocke, Vice President of the Development Department of Downtown Phoenix Inc.

According to statistics from the Arizona Regional Multiple Listing Service Inc., as of September 2017, the average new listing prices are up 3.2 percent this year in comparison to last year.

Joey Ramos, a junior at Arizona State University, who currently lives in the Roosevelt Point Apartment complex this year said that he won’t be living downtown again next year.

“Unfortunately, rent is very expensive and I need to find a more economical option,” Ramos said.

For the team that’s supervising and building the new apartments downtown the main focus is making sure that there will be housing that’s available for everyone that wants to live here, Klocke said.

Over the past year sales are down 9.7 percent in the month-over-month period for housing downtown.

“We have to make sure that we put some real attention to housing of all price points, and we got to make sure that we keep working towards that balance where there are places for everybody to live,” Klocke said.

According to Klocke, the addition of new housing isn’t stopping any soon. It will be more of an ongoing thing with more projects being announced as new ones are completed.

As for the ones under construction now, they will be finishing up in the next couple months to almost two years.

However, despite the drop in sales and an increase in average prices the past year, Klocke said that the addition of more housing is necessary and a benefit for the growing number of people.

Klocke added that looking at other peer downtowns that have had some success in places such as San Diego, Denver, and others. Phoenix is starting to catch up with them and that is a huge benefit that comes with more people and more housing.

“I think if you look at great downtown, the deciding element is that the sidewalks are full of life, and the more residential units that you have down here the better those sidewalks will be,” Klocke said.

Downtown Phoenix offers a multitude of incredible art, food and drink, a factor in which Klocke thinks that people having experienced these things want to now live downtown now as well, and the development community is building housing rapidly to accommodate.

“The key thing is that all this housing is a reflection on where downtown is going in terms of livability and in terms of all the incredible things that are happening with businesses, universities, and all of the cultural centers,” Klocke said.

The lively culture downtown provides is a positive factor of living downtown for many students, in addition to the convenient proximity to classes at ASU’s Downtown Campus.

For Ramos, although he plans to move away from the city next year, he still enjoys being downtown and around all sorts of restaurants and hang out spots that thrive in the downtown culture.

“There’s demand. People want to live downtown in an urban environment. They see all the great changes in downtown Phoenix,” Klocke said.

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