Since the mid-1950’s, the Phoenix metropolitan market has grown from less than 500,000 people to over 4.5 million. Current annual population gains are in excess of 100,000 per year, bolstering economists’ forecasts for a market that will exceed 5 million residents by 2020. Of the households that are expected to be created through this growth, over 1/3 are expected to reside in apartments and condominiums vs. single-family homes. At Empire, we see tremendous opportunity in addressing this need through our multi-family development business – Aspirant Development, LLC.
According to CBRE, the number of new potential renters in this market is expected to exceed the delivery of new rental units by a ratio of almost 2:1. To make up for this shortfall, local developers such as Empire/Aspirant must build thousands of units of apartments to meet this demand.
The Millennials are a larger demographic group than the Baby Boomers, and they are starting families and forming “households” at a record pace. The majority of these young families would prefer to live in a house, but many – saddled with massive student loans and credit card debt – are simply not fiscally able to make that leap. The solution: skip the “starter” home and rent one instead. Our 15-20 acre, gated, high-density rental home communities offer young families, single parents, and empty nesters the benefits of living in a single-family residence (i.e. front walkway entrance, four stand-alone walls, private back yard, etc.) with the benefits of renting (i.e. one-year leases, third-party maintenance, common area amenities such as pool, clubhouse, parks, etc.).