Metro Phoenix Relocation Guide 2008 - (Page 89) The Apartment Market Newcomers to the Phoenix area are delighted to find that rents in Phoenix are affordable. hen it comes to choosing an apartment to rent, the choices are staggering with over 200,000 apartment units in the market. Over the past three years approximately 10,000 new apartment units were built. Projections for 2007 indicated a net gain, when 3,500 new units were permitted for completion. With the slow down in home purchases condominium conversions have slowed leaving more units for rent. Several new projects that were targeted as condominium sales were made available to renters upon completion of construction. With continued building, the slow down in condominium conversions and an increase in single family home rentals, apartment vacancy rates increased to 9.1% in 2007 from 5.6% in 2006. This has slowed the rate of rent increases to 2%, down from 6.5% in 2006. The Metro Phoenix area still offers very affordable living for apartment residents when compared to most major cities. Apartment renters still benefit from the Valley’s steady economic growth and historically transient population. The steady pace of building to meet these demands provides a large selection of new and modern apartment units, including those meeting the needs of the upscale apartment market. Modern apartment interior features are similar to what you would expect to find in a single family home. Pools and fitness centers are basic at many apartment communities. Other outdoor amenities you can find at the newer communities are hot tubs, jogging trails and tennis courts. The declining home market has placed many investor purchased homes on the rental market at rates competitive with apartment living. However, the convenience and amenities bundled in apartment rates are often a better total budget alternative. Many of the rental homes are in the outskirts where apartments can generally be found closer to work, schools and other services. Many of the home investors W did not anticipate becoming landlords and are not prepared to provide home and yard maintenance. Valley-wide, rents for unfurnished apartments (excluding utilities) averaged as of December 2007: $694 for a 1-bedroom, $858 for a 2-bedroom, and $1,168 for a 3-bedroom. A review of the chart on page 20 will show the wide variance based on the city and geographical part of the Metro Phoenix area. Alliance Residential Relax and enjoy the lifestyle at an apartment home managed by Alliance Residential Company. At Alliance, “Service is the difference.” Alliance Residential, a Phoenixbased company, has you covered in Arizona. They professionally manage 5,000+ apartment homes in Phoenix, Scottsdale, Tempe, Mesa, Glendale, Gilbert and Peoria. The choice is yours! With so many locations and floor plans, Alliance Residential Company has the perfect apartment home for you. Alliance communities offer a variety of spacious garden style one, two and three bedroom apartment homes, as well as more unique loft floor plans. Interior features such as open kitchens, large living/bedroom areas, distinctive layouts, fireplaces, garden tubs, built-in microwaves, ceiling fans, crown molding, spacious closets, large capacity washers and dryers and patio/balconies with storage are just a few of the options available. With such a wide variety of apartment layouts and interior features from which to choose, Alliance is sure to have your budget and lifestyle choice covered. Exterior amenity options are equally impressive, with professionally decorated clubhouses featuring stateof-the-art fitness equipment, fully equipped kitchens, movie theaters, business centers and conference rooms. All communities are enhanced with beautifully landscaped grounds, refreshing pools and inviting spas. Alliance Residential Company is committed to providing exceptional customer service. They offer personalized services such as a 24-hour maintenance guarantee, which assures you’ll get the attention you deserve for all of your maintenance needs, as well as a 30-day Satisfaction Guarantee. Onsite management professionals are dedicated to making life in your new Alliance community as pleasant and carefree as possible. Alliance Residential Company manages over 41,000 apartments in eleven states, so whether you’re in Arizona or Nevada, Texas or California, there’s a community that suits your lifestyle and budget. Visit us on the web at www.allresco.com. Alliance Residential Company offers tastefully appointed settings, and varied amenities throughout the Valley. 89 Relocation Guide™ http://www.allresco.com
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