Tuscon Q4 Multifamily Market Report: Additional Rent Growth Likely as Labor Market Rebounds


  • The Tucson multifamily market closed a very strong 2021 with rents continuing to advance at a rapid clip. Developers were active throughout the year, and 2022 is expected to be another year of healthy construction levels.
  • Vacancy in Tucson recorded a minimal increase in 2021. The rate rose 10 basis points for the year to 4.4 percent. This marked the first annual vacancy increase in Tucson since 2012.
  • Apartment rents in Tucson continued to increase during the fourth quarter, rising 4.5 percent. For all of 2021, rents spiked 23.7 percent, reaching $1,100 per month.
  • The sales of apartment properties accelerated in the final months of the year, nearly doubling total transactions from the previous quarter. The median sales price rose to $113,200 per unit while recent cap rates averaged 3.4 percent.

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