A new report from Marcus and Millichap shows the Phoenix area gained 7,200 new apartments in 2015, and the demand from renters born between the 1980s and the 2000s is helping bolster the trend, KTAR News reports.
KTAR Business Time host Mike Weinstein says the market is going to be even bigger when the latter end of the Millennial spectrum begins renting.
“[Millennials] will rent for six years before they ever consider purchasing a home,” Weinstein says.
He says the job growth in Phoenix will also mean an increase in apartment tenants well into the future.
Areas like Downtown Phoenix and Scottsdale have also seen increased apartment construction, although they are unable to keep up with demand.