Residential land development will call the shots transitioning into a new year, but how the land is utilized is beginning to manifest into a wide divide. Welcome to a sneak peak into the realm of the first-time, peripheral homebuyer market versus that of urban-core infill multifamily and single-homes.
Multifamily construction in Greater Phoenix returned to record level highs for completed number of units, rental rates and investment activity for the first time in over a decade.
This year marks one of the highest rates of completion of multifamily developments since 2000. It also exceeds investment activity levels not seen since 2007. In turn, rental rates rose for a seventh consecutive year, which marks a 30 percent rise since 2009.
Introducing our new quarterly e-newsletter. The Fall 2016 edition features our Phoenix Multifamily Construction Pipeline Report, including an overview of top 4 sub-markets in the Valley. We also cover market trends, articles and Cooke team’s recent listings updates. We hope you enjoy it!
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 firstname.lastname@example.org 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.
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