The population of the Phoenix area has grown steadily over several years, reaching over 4.4 million in 2015. Phoenix is the 6th largest city in the US. According to the Federal Housing Finance Agency, the housing price index has grown by more than 5.5% per quarter over the last two years.
The Phoenix apartment market is strengthening as well from the increase in population. ASU is the largest public University with over 82,000 students enrolled in 2014, which drives a significant demand for housing in Tempe. Phoenix is home to 16 companies on the Fortune 1000 list, including Avnet, Petsmart and Swift Transportation.