Phoenix apartment vacancies lowest in two decades, rents up

Phoenix vacancy

Phoenix vacancy By Mike Sunnucks | Phoenix Business Journal

Apartment vacancies across Phoenix are at their lowest in two decades and rents increased a record amount during the first quarter, according to new data.

The Colliers International real estate firm reports continued strength in the Phoenix area’s multifamily market.

Vacancy rates stand at 5.7 percent, down from 13 percent in 2009, according to Colliers.

Renters moved into 2,800 units during the quarter up 15 percent from 1Q 2014. For the past 12 months, there have been 6,200 apartments rented in the region.

That demand and activity is pushing up rents. They increased 2.2 percent Valleywide in the first quarter with landlords asking $837 per month on average.

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