Demand for quality housing has skyrocketed in recent years across the Phoenix area, largely due to the booming economy and the strong influx of high-paying jobs. Developers are doing their best to keep up: only last year, no less than 34 new projects of 50 or more units have been added to the housing market in the Phoenix metropolitan area, totaling 8,034 new apartments. By comparison, the 2015 balance shows 6,563 apartments in 23 rental developments according to Yardi Matrix data.
The average rent of Phoenix apartments has reached $889/month in December, which represents a quite strong 7.1% year-over-year rent growth—although it’s still a world away from the $1,210 national level in that period. Meanwhile, the metro average stands at $968/month, and Scottsdale is leading the pack with $1,254.
Here are Phoenix’s top 10 largest rental developments completed in 2016:
#10. Velaire at Aspera in Glendale: 286 rental units
Address: 7700 West Aspera Blvd, Glendale, AZ 85308
Rental types: 120 one-bedroom apartments, 134 two-bedroom apartments, 32 three-bedroom apartments
Property size: 272,712 sq.ft., 2 and 3 story buildings
Short description: Whether you’re a busy professional, seeking privacy, or you’re looking for the perfect place for you and your family, you’re likely to find what you need in one of the 286 one-, two-or three-bedroom apartment units at Velaire at Aspera. Interior finishes come in warm and cool color tones to please your eyes, and if you decide that your ears need some indulgence too, you can always head to the surround-sound theater room. Your pets can join you for the ride, because the community is entirely pet-friendly.
Photo credits: Velaire at Aspera Official Website, Yardi Matrix
#9. VELA in Tempe: 290 rental units
Address: 555 North College Avenue, Tempe, AZ 85281
Rental types: 214 one-bedroom apartments, 76 two-bedroom apartments
Property size: 247,370 sq.ft., 3, 5 and 6 story buildings, first floor includes retail
Short description: Vela offers brand new studio, one-, and two-bedroom apartments for rent in Tempe. Perched on the north bank of Tempe Town Lake, the community features designer interiors with quartz countertops, stainless steel appliances, pendant lighting and simulated wood floors.
Photo credits: VELA Apartments Official Website, Yardi Matrix
#8. Alta Steelyard Lofts in Chandler: 301 rental units
Address: 155 East Frye Road, Chandler, AZ 85225
Rental types: 179 one-bedroom apartments, 118 two-bedroom apartments, 4 three-bedroom apartments
Property size: 267,918 sq.ft., 3 and 4 story buildings, first floor includes parking
Short description: As its name suggests, this one was built on the foundation of a historic steel factory in Chandler, AZ. It is located within walking distance to nightlife, dining and entertainment, and offers amenities like a fully equipped fitness center, spin-and yoga rooms, a luxury swimming pool and much more.
Photo credits: RentCafe, Yardi Matrix
#7. The Met at Fashion Center in Chandler: 303 rental units
Address: 1 North Hearthstone Way, Chandler, AZ 85226
Rental types: 172 one-bedroom apartments, 131 two-bedroom apartments
Property size: 250,555 sq.ft., 4 story buildings, first floor includes parking
Short description: Marketed as “equal parts thriving urban village and idyllic desert oasis,” The Met at Fashion Center in the Twelve Oaks neighborhood in uptown Chandler has a great location with Chandler Fashion Center just 2 minutes away, and other points of interest also within reach.
Photo credits: The Met at Fashion Center Official Website, Yardi Matrix
#6. Citrine in Phoenix: 312 rental units
Address: 4900 North 44th Street, Phoenix, AZ 85018
Rental types: 191 one-bedroom apartments, 121 two-bedroom apartments
Property size: 301,015 sq.ft., 4 story buildings, first floor includes retail
Short description: Situated in the Arcadia area of Phoenix’s Camelback East neighborhood, Citrine offers brand new luxury one- and two bedroom apartments. The community is a 10-minute drive to Camelback Esplanade, and offers residents a rooftop deck with amazing views of Camelback Mountain.
Photo credits: RentCafe, Yardi Matrix
#5. The Stetson in Scottsdale: 316 rental units
Address: 7350 East Stetson Drive, Scottsdale, AZ 85251
Rental types: 174 one-bedroom apartments, 138 two-bedroom apartments, 4 three-bedroom apartments
Property size: 281,632 sq.ft., 5 story buildings, first floor includes parking and retail
Short description: High-end finishes such as gourmet kitchens, state-of-the-art appliances, over-sized windows, and ten-foot ceilings await renters at The Stetson. Located in Scottsdale, the community offers amenities including multiple pools and spas, chic lounges and work-spaces, two fitness centers with cardio rooms and climate-controlled interior corridors.
Photo credits: The Stetson Official Website
#4. The Cooper 202 in Chandler: 332 rental units
Address: 1450 South Cooper Road, Chandler, AZ 85286
Rental types: 156 one-bedroom apartments, 162 two-bedroom apartments, 14 three-bedroom apartments
Property size: 316,614 sq.ft., 2 and 3 story buildings
Short description: Resort-style amenities such as a pool and spa, premium fitness center, with yoga studio and volleyball courts, as well as designer details and premium interior upgrades including stainless steel appliances, direct access garages, smart thermostats and USB charging outlets—these, and a lot more great features await the first renters of this 332-unit community in the heart of Chandler.
Photo credits: The Cooper 202 Official Website
#3. Broadstone Fashion Center in Chandler: 335 rental units
Address: 555 South Galleria Way, Chandler, AZ 85226
Rental types: 208 one-bedroom apartments, 127 two-bedroom apartments
Property size: 298,909 sq.ft., 4 story buildings
Short description: A mix of laidback luxury and modern living characterize this brand new community in Chandler. Broadstone Fashion Center offers studios as well as one-and two-bedroom apartments, and residents have access to a plethora of top-shelf amenities such as, a game room, resident lounge, conference room, a resort-style pool and spa with poolside cabanas, and even wine coolers and smart home technology in select units.
Photo credits: Broadstone Fashion Center Official Website
#2. Southern Avenue Villas in Mesa: 354 rental units
Address: 855 West Southern Avenue, Mesa, AZ 85210
Rental types: 174 one-bedroom apartments, 147 two-bedroom apartments, 33 four-bedroom apartments
Property size: 316,155 sq.ft., 3 story buildings
Short description: It is the first major apartment development in the Fiesta District of Mesa’s Powell Estates neighborhood in about two decades. The development has amenities like a cabana for social gatherings, a pool with a spa, shade canopy and tan ledge, as well as a clubhouse, sand volleyball court and a dog park.
Photo credits: Southern Avenue Villas Official Website
#1. Rise on Apache in Tempe: 384 rental units
Address: 1000 East Apache Blvd, Tempe, AZ 85281
Rental types: 52 Studio apartments, 73 one-bedroom apartments, 164 two-bedroom apartments, 95 four-bedroom apartments
Property size: 313,539 sq.ft., 5, 10, 14 and 15 story – includes retail
Short description: A no-brainer for ASU students that settle for nothing less than luxury when it comes to college living. This student housing community has it all from high-speed gamer lounge to the highest rooftop pool in Tempe.
Photo credits: Rise on Apache Official Website