Many Western-based are navigating markets that are both costly and crowded.
This is occurring in traditionally pricey markets, such as California, but it’s now spreading into areas that were historically considered more afford-able, such as Arizona.
Statewide, the average rent for around $1,341 per month, with many metro areas surpassing $1,500, according to Apartments.com. Even with January’s rental tax repeal — saving renters roughly $20 to $50 each month, depending on the city — pricing pressures haven’t eased.
For many renters, affordability concerns are now colliding with a surge in supply. Unfortunately, what feels like a relief on one front can create new questions on another. Phoenix alone added 25,000 new units in the past year, nearly tripling its normal supply pace, with another 23,000 units still in the pipeline.
For renters, that means more options. For operators, more competition.
The result is a renter base that’s rethinking what “value” means. They’re no longer impressed by golf simula-tors, indoor bowling alleys or other amenities they’ll rarely use.
Instead, they’re looking for features that simplify life, save money and fit into their daily routines.
