Real Estate
Phoenix Among Cities With Highest Interest in Luxury Apartments
Phoenix and Arizona as a whole rank among the top markets nationally for interest in luxury apartments.
PHOENIX, AZ -- Demand for luxury apartments is surging nationally, with Phoenix and the state of Arizona seeing similar results.
The Valley ranks seventh nationally, according to Google Trends data, in searching for luxury apartments.
The state of Arizona isn't far behind, ranking eighth nationally in the same category.
Find out what's happening in Phoenixfor free with the latest updates from Patch.
The data, which was released and reported by My Affordable Luxury on Wednesday, pinned the surge in searches for affordable luxury apartments on the rising vacancy rate and surge in apartment production rate of multi-tenant dwellings across the country.
The rising vacancy rate for city apartments is due to an exodus to the suburbs, according to Chicago real estate broker David Prince.
Find out what's happening in Phoenixfor free with the latest updates from Patch.
The surplus of apartment homes means that prices nationally have been slashed, which is appealing to those that likely can't afford to buy a house but are interested in living in luxury.
According to the site, the number of searches online for luxury apartments increased by 46% year-over-year in January, with 313,000 searches nationally during the month.
Similar trends were reported when it comes to people searching for affordable luxury apartments, the site said, with more than 5,000 searches during January — more than any other month dating back to January 2019.
Among cities, Phoenix ranked behind the likes of Boston, Washington D.C., Dallas, New York City, Philadelphia and Houston in terms of interest for luxury apartments.
The Grand Canyon State slotted in behind the likes of New York, Maryland, New Jersey, Massachusetts, Nevada, Texas and Georgia in the same category.
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