By Mike Sunnucks | Rose Law Group
The apartment wave across the region just won’t crest.
Sales of apartment building across metro Phoenix were up 26.8 percent in the second quarter compared to a year ago, according to new data from ABI Multifamily.
There were $1.95 billion in apartment sales last quarter up from $1.54 billion in the second quarter of 2018.
The price per unit in those sales was $154,050 in Q2 2019 up 2.9 percent from $149,604 a year earlier, according to ABI.
New apartments also continue to hit the Phoenix market. There were 2,365 new units regionally in the second quarter up 42.1 percent from a year ago when 1,664 hit the market.
The region has another 14,192 units under construction with 5,293 under construction in the city of Phoenix, another 3,033 in Tempe and 1,672 in Scottsdale, according to ABI.
The average apartment rent in the region came in at $1,163, according to ABI’s second quarter data.
That is up 8.8 percent from the second quarter of 2018 when average rents were $1,069 per month.
