Phoenix has been experiencing steady improvements as of late, and it seems as if the capital of Arizona could continue trending upward for years to come. Yardi Matrix recently published the Spring 2017 Phoenix Multifamily Market Analysis. According to the report, new supply is on pace with demand, resulting in high occupancy rates, employment is on the rise, and job growth is strong thanks to low cost of living.
Other interesting facts and statistics included in the report:
- Phoenix rents rose a nation-leading 5.1% year-over-year through March.
- Yardi projects Phoenix rents to continue growing at above-trend 6% in 2017.
- Strong investor demand: Over $5 billion worth of multifamily properties have changed hands since the start of 2016.
- Over 1.1 million square feet of office space added to Phoenix market in first quarter of 2017.
- $7 billion investment by Intel in the Fab 42 plant, which could produce ~10,000 local jobs.
The Yardi Matrix report contains a number of graphs, charts, and other helpful information so review the complete report for a complete understanding of the Phoenix multifamily market as of Spring 2017.