For Multifamily Executive, Hamilton Zanze CEO Kurt Houtkooper details the reasons for optimism about the multifamily market and his company’s plans for 2024.Read
Phoenix Rents Climb in Mid-Market Communities
In Q2 2013, Phoenix apartment rents grew at the annual rate of 2.8%. While the growth is lower than national levels, it is the largest annual gain Phoenix has notched in recent years.
Phoenix’s rent and occupancy growth seem to be concentrated in middle-market apartment communities built in the 1980s. Rents for such properties increased 3.8% in the past year, which is higher than the 1.7% growth achieved by 2000-vintage and newer properties. In HZ submarkets such as Deer Valley and Gilbert, occupancies at 1980s middle-market apartments are reaching 95% or higher and rent growth is approaching 7-8%.
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