Tom Simplot, president and CEO of the Arizona Multihousing Association, tells GlobeSt.com, “These numbers validate the construction boom we are seeing throughout the Valley. They also show a shift in consumer choices. Renters are a huge part of our economy. There is a lingering impact from the Great Recession that has spawned renters by choice and that is crossing all demographics—it's a choice on how to live. This is not spec development, this is need based. As we ended the recession, most apartments built were affordable housing. Now we're seeing something different. A vast majority now are market rate and a vast majority of that is class A. The financing industry is looking at these numbers—it's what substantiates their investments.

"Here in Phoenix, we're feeling the positive economic impact of the booming apartment industry, which is helping our city thrive," Simplot continues. "The great news about the apartment industry is that the dollars and jobs don't end with construction. The ongoing operations and resident spending make each apartment community an economic engine, supporting local jobs and making a positive economic impact in our area—and in towns across the country."