- 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.