The Phoenix metro area is a relatively new grouping of cities in comparison to the rest of the Country; Arizona has only been a state for 100 years! The hottest trend we’ve seen the last couple of years around the valley has been the wonderful process known as “rehabbing” old homes, apartments and townhomes. Phoenix, Tempe and Scottsdale went through a huge housing boom in the late 1960’s and 1970’s, which means that unless a home, condominium complex or apartment complex has already been updated it is abysmally out of date. In these more frugal times, investors are looking for ways to cut corners and as it turns out we are seeing the past catching up to the present
If you find yourself apartment shopping in the next couple of years you may notice apartment complexes that were never apartment complexes before. Many old condominium complexes have been converted, retrofitted and updated to become apartment complexes. Another really very nice find around the valley are the condominium buildings such as Ten Wine Lofts, which lost funding mid-build and have since been bought up by investors to become unbelievably nice, brand new rental units. Imagine units decked to the nine’s and beautiful community amenities intended to entice buyers, now fitted with all the appliances renters require available for you to lease.
Most commonly we’re seeing apartment complexes such as the Cabana on McClintock, which were built in the mid 1970’s being updated to appeal to new renters. Rather than scrapping all unique architectural design in the interest of drawing in younger renters, the most successful complexes are embracing their age and modernizing their retro look. The more youthful Phoenician rental market looking to live closer into the central areas of the valley are looking for housing with character rather than the cookie-cutter track-housing typically seen in the more suburban areas. These rehabbed complexes are an urban livers dream come true.
Going ‘retro’ by both opting for an older rehabbed unit as well as retro in style means that renters are now able to rent units closer to the center of the city without having to sacrifice style and safety. Who wouldn’t pay a bit extra per month to live in a unit right across from the office if it has appliances from this decade and carpet that doesn’t make you want to shower just for looking at it. Retro housing is unquestioningly the new modern trend in the hottest parts of the valley.
