We invite you to view the Cooke Multifamily Pipeline Report, a comprehensive look at the 2016 multifamily market in an exploration of top sub-markets of Arizona. The report touches on multifamily and development trends including Phoenix multifamily vacancy, population overview and employment overview trends.. Click to view the full report or contact us at email@example.com for a complimentary printed copy.
This year’s issue of “People and Projects to Known in Commercial Real Estate” looks at some of the most noteworthy projects, deals and the people who make them happen.
Congratulations to Cindy Cooke for making the top list of Brokers to Know!
The Valley’s average apartment rent has climbed 22 of the past 23 months, according to national research firm Axiometrics.
The average apartment rent in the Phoenix area is now $924, according to the rental data firm RealPage. That’s about $70 more than it was a year ago.
Demand for rentals surged during the housing crash when so many people lost homes to foreclosure and had to rent.
- The average Valley apartment rent is up more than 7 percent
- Metro Phoenix wages are up 2.4 percent
- Some one-bedroom apartments cost $2,000 and more per month
Cranes are everywhere in Downtown Phoenix and around the Valley as development continues to explode. But what exactly are they building? Chances are it’s some sort of luxury development, whether it’s apartments to rent or condominiums to buy.
These high-end multifamily properties seem to have always popped up in Scottsdale, but Phoenix especially has enjoyed a boom.
Phoenix had 18 new rental properties open in 2015. What makes those openings unique on the national stage is that 95 percent of the new developments are deemed “luxury.” It put Phoenix at No. 2 among mature metros in the country for the percentage of high-end units. Scottsdale, in particular, had 100 percent luxury rental new-builds.
Phoenix is the No. 2 “buy” market in the US for multifamily properties, according to a recent study by Ten-X Research. The report’s top five “buy” markets included Orlando, Atlanta, Fort Lauderdale and Las Vegas. Nationally, apartment demand is experiencing a six-year surge, with a vacancy rate of 4.5% indicative of healthy demand. Around 260,000 new units will go up across the country this year.
Phoenix’s multifamily market is on a roll as a consequence of its strong job market amid a population influx unlike any other in the Southwest. Rents rose an impressive 7.3 percent year-over-year through June, although the metro remains inexpensive compared to the national average. Property values have gone up as well, although investors continue to be bullish on a market where the cost of entry is still relatively affordable.
Arizona’s multifamily market has been enjoying a ten year high lately, so its no surprise six Arizona cities made WalletHub’s top ten best cities in the U.S. for renters.
To help prospective renters get the most bang for their buck, WalletHub’s analysts compared the 150 largest cities based on their rental attractiveness and quality of life. In making such a comparison, we examined each city across 15 key metrics, ranging from historical rental-price changes to cost of living to jobs availability.
With its population up by 2% in 2015, apartment demand in Phoenix is also on the rise. Rents jumped 5.9% year-over-year and Ten-X projects that will continue through 2018. The city’s metro area is booming with job growth up by 3.5%, its professional and finance sectors jumping to 6.4% in year-over-year growth.
The explosive growth of rental apartment buildings over the last few years has taken everyone by surprise. After the housing market crashed, more people opted to rent than prior to 2009, and net absorption soared in the early years of the recovery, including 2010 and 2011. Millennials in particular seemed to eschew the suburbs, preferring new multifamily buildings in the urban cores with both local amenities, such as proximity to work and access to public transportation, as well as in-house amenities such as doormen, storage units and bike rooms.
The good news is, exterior renovations don’t cost a fortune regardless of whether your target tenant audience is millennials or baby boomers. Many renovation contractors offer high-quality exterior renovation services at affordable prices.
Also, the return on investment you get is significant due to a steady flow of renters that your properties attract. Here are seven cost-effective multi family housing renovations ways to increase the curb appeal of your house, without having to extensively remodel your multifamily property, or breaking the bank.
GET THE LATEST NEWS
- Arizona Market News
- Brad Cooke
- Casa Grande
- Cindy Cooke
- Colliers Cooke Team
- Colliers International
- Deer Valley
- East Valley
- Just Listed
- Knowledge Leader
- Las Vegas
- Market Report
- Metro Light Rail
- MF Pipeline
- Multifamily News
- New Developments
- North Phoenix
- Northern Arizona
- Pipeline Report
- Press Releases
- Queen Creek
- Real Estate Market
- SE Valley
- West Valley