4 Improving Factors in the Phoenix Multifamily-Housing Market
Digest from “Market Snapshot: Phoenix Multi-Family Picking Up Steam”
Commercial Property Executive (5/18/15) Oltean, Liviu
Rents have increased 2.2 percent while vacancy rates have dropped 0.5 percent, to 5.7 percent, for Phoenix in the first quarter of 2015. Data from Colliers International indicates that high demand led to the absorption of 2,800 apartment homes, with an overall average monthly rent of $837.
Submarkets in the Phoenix area boasted even stronger numbers, with 12 submarkets reporting vacancy rates of less than 5 percent. Absorption rates grew the most rapidly in Scottsdale, Chandler and Gilbert.
Median sales prices per unit reached $73,100 in the first quarter.