A recent study which looked at 12 years of homeownership across major U.S. cities and found that Phoenix had the largest drop of all.
As the Phoenix Business Journal reports, Phoenix saw its homeownership rate drop by 7.8 percent between 2000 and 2012. Philadelphia's 7.1 percent drop was the next worst, while Louisville, Ky., saw the biggest increase in homeownership -- 7.9 percent -- in the study.
Only around 50 percent of Phoenix-area homes were owner-occupied between 2000 and 2012, according to the Pew study. In that regard, New York City had the lowest number -- with just 31.7 percent of its homes occupied by owners, as compared to tenants.
And, as the Phoenix Business Journal points out, the trend isn't likely to reverse anytime soon.
There are as many as 27,900 apartment units in the regional planning pipeline and 4,900 under construction, according to research from Marcus & Millichap Real Estate Investment Services in Phoenix.
Significant apartments projects are under construction in Scottsdale, Tempe and Chandler.
Industry officials acknowledge that not all of those 27,900 units are going to get built with some zoning approvals aimed at improving property values and courting partners, investors and buyers.
Still, land-use attorneys, developers and real estate brokers say there are strong market fundamentals for multifamily projects. That includes Millenials not interested in homeownership and previous homeowners coming out of foreclosures and short sales who cannot qualify for mortgages or now prefer renting.