5,000 New Units to Hit Phoenix by End of 2013

When the millions of homeowners displaced during the housing crisis turned to renting, the multifamily market kicked into high gear and boomed over the last three years. In Phoenix, apartment demand continues to increase, pushing vacancies down and rents up, and developers have likewise increased their activity.

Metro Phoenix has the ninth-highest number of new apartment units in the pipeline for 2013. Here are some data on this year’s influx of new units:

• Total unit inventory: 261,562—an increase of about 3,000 units since 2010
• New deliveries by year-end: 5,000 units
• Vacancy: 5.4%—down from 11% in 2010
• Average monthly rent: $784—up 4.5% since 2010
• Average sales price per unit: $74,000—up 64% from 2010

Read more at the Phoenix Business Journal