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Three Arizona cities top the nation for number of luxury apartments being built

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Posted at 9:15 AM, Jul 08, 2022
and last updated 2022-07-08 16:08:29-04

PHOENIX — With some Valley cities gaining almost exclusively high-end apartments during the past decade, Arizona is leading the nation for luxury apartment living, according to a new report.

StorageCafe, a subsidiary of Santa Barbara, California-based real estate data firm Yardi, ranked Gilbert and Chandler Nos. 1 and 2, respectively, among U.S. cities that built the largest share of luxury rental units over the past decade — and Scottsdale came in at No. 4.

The three cities — the only Arizona municipalities on StorageCafe’s top 20 list — were noted for the fact that almost all new apartments built within their borders over the past 10 years have been high-end.

In Gilbert, the more than 4,000 luxury units that were introduced during that period had top-of-the-line amenities as the city grew from 210,000 people in 2012 to 250,000 in 2022.

Read more of this story from the Business Journal.