Search For Affordable Locales To Benefit Phoenix Multifamily
In its recently published report entitled "Multifamily Spotlight", Colliers International expects apartment fundamentals and pricing to slow to more normal levels next year after many years of strong performance.
While short-term prospects for multifamily remain muted, Colliers sees significant long-term potential with Colliers' chief economist Andrew Nelson crediting strong social and economic factors for this positive outlook.
Mr Nelson sees a fundamental shift in habits as renting emerges as the preferred housing option among millennials in response to social and cultural trends but also driven by heavy student debt loads and high home prices relative to incomes.
Mr. Nelson also believes that lower-cost destinations such as Phoenix, Tampa, Atlanta, Miami, Orlando stand to benefit as businesses and individuals look for more pocketbook-friendly markets to stay competitive and to attract talent.
The news article can be read here.
