Tucson 1Q24 Multifamily Market Insights Report: Investors shift into Class B properties

Highlights: 

• Operating conditions in the Tucson multifamily market were steady in the first quarter, with vacancies flat and rents dipping slightly.
• Area vacancy was unchanged in the first quarter, remaining at 8.2%. Year over year, the vacancy rate in Tucson has risen by 70 basis points.
• Local rents inched lower by 0.4% during the first quarter to $1,182 per month. Current rents are up 1.5% from one year ago.
• The local investment market got off to a stronger start to 2024 than during the prior year, with a handful of Class B properties changing hands. The median sale price was $159,700 per unit. Cap rates have ranged between 5.5% and 6.5%.

Read the report, or contact our Phoenix office to learn more.