Talk about business opportunity! As the Valley of the Sun keeps pulling new companies in from around the world, all the while educating some of the more brilliant minds, some may have to find a place on the street to sleep if we continue down the path with a low supply of real estate! According to a new study by Rose Law Group based out of Phoenix, AZ (CLICK HERE for the full article), 150,302 new apartments need to be added by 2030 in order to keep up with demand in the Phoenix metro area.
This is huge. With the valley growing at a significant rate as of late, the lack of real estate available on the market in all price ranges poses a threat to our robust, budding economy. Bigger companies headquartering here, along with expansions of our state and private universities all around Greater Phoenix that push for students to stay in Arizona, are causing the mass effect of a culture shift from Big Town mentality to a true Metropolis known around the world for innovation and entrepreneurship. However, we can only sustain so much growth without foresight of the housing market at affordable prices – and according to this study, we are failing to meet the potential demand.
Here’s an idea – schedule a meeting with us at MXP Real Estate Investment and find out exactly how we plan on helping our community be prepared for the expected growth.