The Bergen’s sky-high rents and near sellout have turned one boutique, Parisian-styled Arcadia building into a calling card for big money in Phoenix. The luxe property leased up quickly, pushed multiple residences into five-figure monthly territory, and has its developer quietly hunting for more ultra-luxury sites around the metro.
Developer Is Scouting Metro Phoenix
According to Phoenix Business Journal, StreetLights Residential, the firm behind The Bergen, is now eyeing metro Phoenix for its next ultra-luxury rental project. The outlet reports The Bergen is about 95% occupied and that leasing on the final homes has landed in the low-to-mid five figures per month, with some listings advertised as high as $20,000 a month.
Rents That Turn Heads
Public listing data backs up those eyebrow-raising prices. Trulia shows many two-bedroom floor plans priced in roughly the $7,800 to $11,999 band, with larger layouts starting above about $10,999. Separate brokerage listings for specific three-bedroom and penthouse residences have posted asking rents near $18,000 a month. StreetLights describes The Bergen as a boutique collection of 58 residences with concierge, valet and resort-style amenities, perks that help explain why tenants at this level are willing to pay a premium.
Why Developers Are Betting On Phoenix
Agents and local coverage say there is a ready market for a hotel-grade rental experience in Arcadia and nearby Biltmore, where residents prize service and proximity to dining and hotels. As Phoenix New Times has reported, brokers pitch The Bergen as a luxury landing pad for well-heeled renters. The building sits inside The Grove, a mixed-use cluster that combines retail, a boutique hotel and office space, a setup that developers say helps sustain ultra-luxury pricing in the neighborhood, according to Connect CRE.
What This Could Mean For Renters And Builders
StreetLights’ push to repeat The Bergen’s formula underscores a belief among developers that full-service apartments can command outsized rent premiums in the Valley. Local listings and market write-ups have documented asking rents that run from roughly $6,000 to $9,000 on the low end up to about $15,000 to $18,000 for larger homes, with at least one brokerage listing topping $17,970 per month, according to local brokerage pages and coverage such as LivingLuxuryHomes and Arizona Investor News.
For now, Phoenix renters should expect more headline-grabbing price points at the very top of the market as developers chase customers who want a five-star rental experience. Whether StreetLights or another owner turns that scouting into a new ground-up project will be one of the Valley’s real estate stories to watch this year.
