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Phoenix & Southwest  + Phoenix  + Apartments  | 

Phoenix’s Steady Growth Boosts Rental Housing Demand

Phoenix’s regional population is expected to reach 5.2 million by 2022, a 12 percent increase that began back in 2017. Reports rank the city as being home to the second-strongest U.S. multifamily market and Cushman & Wakefield found apartment vacancy rates hovering around 5% at mid-year 2020.

These stats have been fueled by a fast-growing population and an employment rate with stronger gains than those of the national average for the past three years.

“Phoenix has been and will continue to be a primary target market for us. We strongly believe that the job growth and population growth will continue to drive significant housing demand, creating growth for our properties in the market,” says Jim Duey, Milestone’s vice president of acquisitions.

Milestone now owns three properties in the Phoenix market.

For comments, questions or concerns, please contact Lisa Brown

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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