Report: Q3 rents, construction in the Valley rising

Credit: Hickory Group
Credit: Hickory Group

By Roland Murphy for Arizona Builder’s Exchange

Even though deliveries at multifamily properties of more than 10 units had a 10 percent year-over-year decrease in metro Phoenix, indicators of the market’s health are strong overall, according to the ABI Multifamily Q3 Report.

Third quarter deliveries were 1,157, down from last year’s number of 1,280. Ten-plus unit sales volume totaled $1.2B, with the average price-per-unit hitting $100,963, both 12 percent increases over the same period last year. Average occupancy remains high at 96 percent, and rents continue to climb, up 7.7 percent to an average $970.

Continued:

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