By Roland Murphy for Arizona Builder’s Exchange
“Phoenix is riding a wave of high performance” in the multifamily market, according YARDI Matrix’s Spring Analysis.
Rents in Phoenix rose 5.1 percent year over year, significantly outpacing the national 2.7 percent rate.
There are 9,000 units under construction, with another 16,000 in planning stages.
Phoenix remains less expensive than several other markets. The average Phoenix rent was $975/month, compared with a national average of $1,312. That said, with rents on the rise in every submarket but one, affordability is becoming an issue.