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Not enough affordable apartments being built in Phoenix area

 Not enough affordable apartments being built in Phoenix area

Affordable apartments aren’t getting built in metro Phoenix because — spoiler alert — housing construction is pricey, so builders tend to opt for luxury units that rent at higher rates in order to recoup costs. In 2022, only 11 developments providing 1,809 affordable units were built in the metro area, while roughly 36,000 market-rate apartments were built. And subsidies aren’t keeping pace with the demand. However, the Home Matters Arizona Fund is giving $4.25 million this year to build more housing all over the state and since 2020 has given a total of $8.581 million in grants.

Source: https://www.yourvalley.net/stories/expert-not-enough-affordable-apartments-being-built,391498

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