By Christine Sterlin | Multifamily Executive
The Phoenix multifamily market remains one of the hottest in the nation, propelled by strong in-migration during the pandemic and job growth as well as a diverse economy.
“The inbound migration versus outbound is the best in the nation, and it’s attracting both Gen Z and millennials as well as baby boomers,” says Doug Ressler, manager of business intelligence at Yardi Matrix.
Phoenix continues to see year-over-year double-digit rent growth, up 25.9% in November over the same period in 2020, according to Yardi Matrix. The market’s net absorption also has reached record highs and outpaced supply, with occupancy rates over 96% in the fourth quarter.
