How many people moved to Phoenix over that time period? What percent f that 25k/yr became short-term rentals? I really doubt there’s a market for anywhere near 25k/yr new air b’n’bs there
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Sounds like San Diego should build more units then. Keep building until the units stop selling/renting. People will still need a roof over their head long after the profits of running an STR get washed away in the glut of empty units
For years in migration was 55-70k a year. I think it’s slowed over the last couple years. There are more than 12,000 STR units in the county. Many think that number is significantly undercounted.
We’d need to know how many family units that 55-70k/year consists of, but if you build 25k units and the average family size is 3, you’re already at a housing deficit that would grow every year. Was there a deficit before this construction wave? You could have been deep in a hole to start with
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