Day breaks over downtown Phoenix, on July 17, 2023. (AP Photo/Matt York)
Over 500,000 rental units are expected to be built in Arizona by the end of 2024.
A new apartment complex just east of downtown Phoenix is open, and with rent prices starting at $1,099 a month, it’s more affordable than many city options. That’s good news for the thousands of young adults who move to Phoenix each year.
Greenlight Communities opened Streamliner 16th on 16th Street and Polk Road, with move-ins starting Sept. 15. The complex has 208 units.
Phoenix’s median rent is currently $1,999, according to Zillow, which is roughly $100 lower from median rent prices at this point last year—and 5% lower than the national median rent, which is $2,100.
RELATED: Kamala Harris wants to make it easier to afford housing in Arizona
More affordable housing lets younger people or people with limited income live and participate in a city community.
Over 500,000 rental units are expected to be built in Arizona by the end of 2024, according to reporting from The Arizona Republic. Increased housing supply to meet demand will theoretically help stabilize prices, or even drive them down.
Streamliner 16th has options for studio, one-, and two-bedroom apartments. The floor plans range from 431 to nearly 700 square feet, with the two-bedroom floor plans starting at $1,399.
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