Multifamily Demand Drops in Some of the West’s Pandemic Era Boomtowns
Phoenix, AZ, USA – December 4, 2021: Each evening a crowd gathers to watch the sunset at Hole in the Rock, Papago Park, Sonoran Desert, Arizona. Hole-in-the-Rock is a series of openings eroded in a small hill composed of bare red arkosic conglomeritic sandstone. The chamber provides a good view of the city of Phoenix west of the park. The Hole in the Rock trail is located in Papago Park and has free parking areas and restrooms at the base of the butte. It is a .2 mile hike to the top on loose gravel and a rocky path.
Demand for rentals is slowing in cities that showed whopping performance during the pandemic. Big cities like Los Angeles, Seattle, San Francisco lost residents who resettled in places like Boise, Idaho; Phoenix; Reno, Nevada; Sacramento, California and Spokane, Washington. Now, inflation and economic uncertainty, an erosion of affordability and the resumption of eviction filings are weakening demand for apartments in Phoenix.
Read the full article here.
