Arizona Dominates Luxury Apartment Landscape

Date

Migration has driven population growth and economic prosperity to many parts of Arizona and Texas, areas where superior living conditions for apartment residents have been provided, according to a recent report from Storage Café, based on data from Yardi Matrix.

Gilbert, Ariz., ranks first nationally in terms of luxury apartments – more than 4,000 such units came online in the past decade as its population grew from 210,000 in 2012 to approximately 250,000 today.

Just like in neighboring Phoenix, businesses have blossomed there, allowing this small East Valley suburb to thrive. Helping matters is that the local unemployment rate stands at 2.1 percent.

Chandler and Scottsdale rank second and fourth, respectively, having had 99% and 98.5% of its units built as luxury homes during the past 10 years.

Apartments here feature a whole set of lifestyle-centered amenities, from spas and swimming pools to club houses, business centers, gardens, and playgrounds. Also on the list are smart features on locks, lights and thermostats, pools with cabanas, fitness centers and social lounges to more unique ones like dog parks, pet grooming rooms and bicycle repair shops.

Lubbock Home to Largest Luxury Apts

There’s no shortage of space. Gilbert’s luxury apartments average more than 1,000 square feet, about 250 square feet bigger than those in the non-luxury category.

Incidentally, the largest luxury apartments were built in Lubbock, Texas, (1,100 sq. ft. on avg.), followed by Buffalo, and Bakersfield, Calif.

Houston’s Long-Term Dominance

Houston built 72,000 luxury apartments during the past 10 years, followed by New York City, and Austin.

As a whole, US apartment construction continues to grow with 3.1 million new units delivered during the last decade; 2021 has been the peak year of new apartment supply with 417,000 new units entering the market, up 12% year-over-year.

More
articles