Here is the No. 1 neighborhood for new apartments in Phoenix

Here is the No. 1 neighborhood for new apartments in Phoenix

 
Article Originally Posted By AZBigMedia On November 11, 2021
 
 
 

Highly popular due to their location and vibrant amenities, urban neighborhoods around the country have seen a boom in new apartments in the last five years. In fact, the top 20 most active neighborhoods — led by Downtown Los Angeles — have delivered a staggering 80,000 brand new rental units. And the No. 1 neighborhood for new apartments in Phoenix saw just short of 3,000 new units built in the last five years.

In our most recent RentCafe study, we went in the middle of the big cities to see which neighborhoods built the most apartments in the last 5 years.

Here are the highlights regarding apartments in Phoenix:

• Downtown areas are the frontrunners of new apartment construction in the past 5 years. Being ideally located and rich with amenities, the major urban centers are quite popular with the younger generations.

• Encanto Village took the lion’s share of the Phoenix apartment boom. Just short of 3,000 new units were built here in the last 5 years, signifying 21% of the apartment development in Phoenix.

• Encanto Village is also among the top performing neighborhoods in the country, ranking 16th. At the national level, development here is comparable to South Lake Union in Seattle and Uptown Charlotte.

• Downtown Phoenix was the second top choice for builders, with over 2,100 apartments. That’s 15% of the units built in the city since 2017.

• Overall, the top 4 neighborhoods in Phoenix account for 61% of all the apartment development in the city since 2017.

Apartments continue to pop up across the nation, with about 1.6 million new rentals built in the last five years. And, while our latest apartment report showed that California, Texas and New York led in terms of apartment construction, we wanted to take a closer look to find out exactly which neighborhoods were the most apartment-crazed in the country.

Analyzing construction data for the 50 largest U.S. cities, we uncovered that the 20 most active neighborhoods for new apartments were mostly hyper-urban, centrally located areas, that are highly sought after by Millennial and Gen Z renters, with Downtown Los Angeles and Midtown Atlanta leading the pack. Despite the fact that downtown areas haven’t always been desirable places to live in, that has certainly changed in the last decade. For example, Downtown San Jose exceeded all expectations and built more than half of the city’s total supply of new apartments in the last five years.

So, without further ado, here are the top 20 U.S. neighborhoods for apartment construction:

Click here to see which neighborhoods built the most in the top 50 largest U.S. cities.

1. Downtown Los Angeles, CA

  • New apartments: 10,136
  • Share of new apartments of the city's total supply in five years: 39%

As one of the most gentrified, culturally diverse and fast-paced neighborhoods in the city, DTLA continues to grow in terms of new rental apartments. The area, which is abundant in entertainment and beautiful architecture, has seen a notable 10,136 new rental apartments in the last five years alone — almost twice as many as any other neighborhood in the U.S. Moreover, about 39% of the total number of new apartments that opened in the last five years in Los Angeles are in this neighborhood.