By Liviu Oltean| MHN Online
With an employment growth rate that will outpace the national one, Phoenix is on the path of having its fifth consecutive year of real estate growth and economic improvement, according to research data from Marcus & Millichap. The recovering economy will bring about an influx of new residents to the metro area that will undoubtedly lead to higher rent demands and to lower vacancy rates.
In 2014, employment in the metropolitan area is projected to increase by 54,700 jobs, quite a significant improvement over 2013, when only 41,400 jobs were added. In response to this, the real estate market will have to accommodate new household formations. The new formations are expected to be absorbed mainly by multifamily properties, due to the single-family lending standards remaining high. Continued
