Courtney LeVinus Courtney LeVinus

Rising housing demand in Arizona is starting to outpace new supply, and the affordable housing supply in particular has reached a crisis point, according to a recent report from the Arizona Multi-Housing Association. In the state, 32% of households require an affordable housing permit, and 48% of households require an affordable housing permit. To accommodate this demand, AMA says the market can support considerable new construction activity.

“This is a function of supply and demand. As more apartments are built and the state's housing stock increases, prices naturally decrease,” Courtney LeVinus, president and CEO of the Arizona Multi-Housing Association, tells GlobeSt.com. “Unfortunately, for various reasons including increasing land prices, local land use restrictions, and costly regulations, we can't build fast enough to meet the growing demand.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.