The Downtown Phoenix Partnership is calling for more residents to move into the downtown area. There is no question that the downtown area has improved leaps and bounds in the past decade. The City of Phoenix has done a great job of turning the image of our downtown around. Things really began to take shape with the opening of the Diamondback’s ballpark, Chase Field in 1998. Since then we have seen new buildings shooting up, invasive renovations to the old ones, an improved transportation system, and revitalized event centers. Residents soon came flooding in.
CenPho is arguably the hottest portion of the valley to live these days. Downtown living finally made its arrival in Phoenix and it is definitely being reflected by the influx of homeowners and renters in the area. Living this downtown lifestyle means it is just a few blocks to catch a show, watch a live game, dine at the hottest restaurants, and sip drinks at the trendiest bars. Thanks to the light rail, the proximity of all of these things is even more accessible and inexpensive.
The Phoenix police department certainly has done their part as well. Crime has dropped nearly 80% in the past decade, making living in this area far more attractive. As a matter of fact, downtown Phoenix happens to be one of the safest areas in the Valley today.
The Downtown Phoenix Partnership is working to draw even more residents into the area. There are currently around 14,000 downtown Phoenix dwellers, but the Partnership has stated that those numbers should triple in order to continue to support downtown growth. President and CEO of the Partnership stated earlier in July that, “we need more people downtown living here, working here. The more people you have living there, the more you can support them.”
Speculators at the Arizona Regional Multiple Listing Service (ARMLS) have stated what many real estate speculators also believe, that rental prices are on their way up in Phoenix. It is expected that just this year the average price for rent will increase another 2.9%, and the number of available apartments to rent will dwindle to 6.2% of all Valley apartments, which is exceptionally low. Let’s hope there will be more apartment buildings to come!
The more renters who move into Phoenix and out of the suburbs, the better our downtown will become for all of us! Now is the time to take advantage of low rental prices and get in before the downtown market gets too hot.