Phoenix Q2 Multifamily Market Report: Rents Continue their Upward Climb
Highlights:
- The Greater Phoenix multifamily market posted healthy performance during the second quarter. Renter demand is being fueled by continued hiring and with absorption active, rents are pushing higher at an accelerating pace. Asking rents ended the second quarter at $1,139 per month, up 3.1 percent from the first quarter and 9.8 percent higher than one year earlier.
- Vacancy ticked up 30 basis points in the second quarter, reaching 5.6 percent. The current rate is down 20 basis points year over year.
- Developers delivered approximately 2,100 apartment units to the market during the second quarter, similar to the total that came online in the first quarter. The number of units currently under construction has increased.
- Sales of apartment complexes accelerated during the second quarter, and cap rates remained flat at an average of approximately 5 percent.
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