November 17, 2024 12:47 pm
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New student housing drives multifamily sector with ‘big impact’

Noelle Haro-Gomez MLK Apartments MLK Apartments at 55 N. 5th Ave
Noelle Haro-Gomez MLK Apartments MLK Apartments at 55 N. 5th Ave

By Stacy Naughton | Inside Tucson Business

When it comes to multifamily real estate, student housing and low mortgage rates affect the percentage of vacant units available in the market.

Multifamily real estate in Pima County has remained flat from 2012 in terms of absorption, vacancy and rental rates in the second quarter of 2013, according to the Pima County Real Estate Research Council report that included staff from the University of Arizona’s Master of Real Estate Development program. In the second quarter of 2013, the vacancy for multifamily real estate was 9.39 percent, down from 2010’s rate of 11 percent.

Currently the driving factor for the industry is student housing, said Byron Bridges, Pima County Real Estate Research councilman.

Multifamily real estate around the University of Arizona has seen the biggest increase in construction.

Continued: 

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