Multi-family vacancy rate continues to decline

downward-trendAZRE Magazine

Colliers International released the following information in its 4Q multifamily report. See below for highlights:

§  Vacancy in Greater Phoenix ended 2013 at 7.3 percent, down from 8.3 percent at the end of 2012. Vacancy has declined in each of the past four calendar years.

§  The decline in vacancy is particularly encouraging since it occurred despite a surge in the delivery of new units. With absorption outpacing completions, vacancy should continue to trend lower in 2014.

§  Average asking rents ended the year at $787, a 1.5 percent increase from year-end 2012. Tight vacancy conditions and a strengthening local economy should support more significant rent gains in 2014.

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