Tucson Q3 Market Report: Apartment Market Strengthens as Job Growth Gains Steam

Report highlights:
  • 3QResearchReport-Tucson_Indicators_250px
    The Tucson apartment market improved during the third quarter with vacancy dipping and rents posting strong gains. The market is being supported by an accelerating pace of employment growth.
  • Vacancy dipped by 30 basis points in the third quarter, ending the period at 6 percent. The current vacancy rate is 50 basis points lower than one year ago.
  • Asking rents posted another quarterly increase in excess of 2 percent. During the past 12 months, asking rents have spiked by 6.8 percent, reaching $767 per month.
  • Investment conditions cooled a bit during the third quarter with sales velocity slowing and the median price inching lower. Year to date, the median price is $50,000 per unit, while the average cap rate is just under 6 percent.
Download the full report here
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