May 4, 2024 4:56 pm
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Yardi Matrix: Phoenix on fire

Multi Housing News

Phoenix tends to run hot and cold, and currently it’s in hot mode. Arizona is among the top handful of U.S. states for economic and population growth, creating strong demand for multifamily. Units that were built before the last downturn are filled, and the next wave of development has started.

Employment gains are diversified, with education and health services, mining, logging and construction, and professional and business services leading the activity. Arizona’s four largest health systems announced in December 2015 the opening of 8,500 new positions, planned to be filled in 2016. Additionally, a new State Farm campus in Tempe next to a Home Depot service center was completed last fall, and it continues to hire.

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