Arizona is seeing a boom in new apartment buildings
You don’t have to look far to find construction projects in the Valley.
“People, number one, want to be here,” said Susan Kauffman, the director of strategic relationships for MEB Management Services. The company manages 24,000 apartment homes and they’re regularly talking with developers about renters’ needs.
“Workforce, affordable,” Kauffman said. “People need a choice. Let’s be perfectly frank. And they need all different types of housing.”
Across the country, multifamily construction spending spiked almost 16% in 2020, according to the U.S. Census Bureau. The Arizona Builder’s Exchange, a local market research company that tracks construction activity throughout the state, says spending in Arizona is up even more for a combination of reasons; Construction costs, including lumber, have increased. The number of projects is also rising.