On April 7, the National Apartment Association will celebrate the first National Multihousing Day. In Arizona, this growing industry makes a major impact on our communities. Some used to see apartments as the first home for young adults. Today, the multifamily industry offers a wider variety of options in more dynamic places.
Investments by multifamily operators added $9.9 billion to the Phoenix economy in 2013, according to the National Multifamily Council and the National Apartment Association. This number includes construction, operations and resident spending. More than 99,000 jobs were supported in 2013 by the apartment industry. The data reflects the research by economist Stephen S. Fuller, Ph.D., of George Mason University’s Center for Regional Analysis.
More than 20 percent of Arizonans rent or live in multifamily communities and a growing number of apartment communities are under construction around the state.
Their research showed that “the total economic contribution of the apartment industry and its residents in Arizona totaled $13.1billion and supported more than 131,700 jobs.”
We are seeing more communities in the downtowns of cities like Gilbert and Chandler. Within walking distance to cool restaurants, the city center, libraries and more, these communities add life to the area.
More connected communities are attracting not only millennials who want to live near employers and dining and entertainment areas; more working adults and those looking to downsize are choosing this lifestyle.
To learn more you can visit the NAA’s website and get local information at weareapartments.org/metro/phoenix.