Downtown Phoenix enjoying apartment boom

- Recent visitors to Downtown Phoenix may have noticed a few changes in the area, as vacant lots and even a few buildings have been transformed into highrise apartments.

The Valley of the Sun has always been a hotspot for homes, but nowadays, Downtown Phoenix is quickly becoming a haven for those looking to escape the suburbs, for life in the city.

There was a time when no one was building in Downtown Phoenix, but that has changed, as investors have spent billions of dollars in investment for the buildings.

Some rental industry experts said this is just the beginning.

"Phoenix is catching up with the major cities in America," said Tom Simplot, President and CEO of Arizona Multihousing Association. "Phoenix is still one of the most affordable cities in which to live."

Simplot said the Downtown Phoenix boom is not likely to slow down, due to a culture shift following the Great Recession. He said people are also flocking to Downtown Phoenix, due to convenience.

"Everything we do is down here," said Kayla Wolfe. She and her husband live in Downtown Phoenix. "My husband and I, we're young professionals. We don't have kids, so we thought why the heck are we living in the suburbs. Why not come downtown?"

Besides convenience and cultural shifts, Simple said people love the amenities the apartments in Downtown Phoenix offer.

"The roof top party place, the work space, or even wine refrigerators. A bike wash, a dog wash, a dog park," said Simplot.

For some, however, the affordability of Downtown Phoenix is an issue.

"It's a lot of apartments, condos being built that no one actually can afford," said Angela Whitaker. "If I could afford it. I would feel safe. The area is just so vibrant and I feel safe out here as well."

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