Tag Archives: Phoenix Arizona

Phoenix Apartment Rents Climbing in Middle-Market Communities

August 27, 2013
Market: Phoenix, AZ

In Q2 2013, Phoenix apartment rents grew at the annual rate of 2.8%. While this increase is relatively low compared to 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, higher than the 1.7% jump seen in properties built since 2000. In submarkets such as Deer Valley and Gilbert, occupancies for 1980s middle-market apartments are reaching 95% or higher and rent growth is approaching 7-8%.

Read more at Property Management Insider.

Advertisements

Phoenix Employment and Single-Family Home Values Are Back on Track

August 9, 2013
Market: Phoenix, AZ

Fletcher Wilcox’s June housing report shows Phoenix has weathered the worst of the recession and can look forward to continued job growth and rising single-family home values in the coming months. The Valley’s median home price is currently $206,000, a 72% jump from its August 2011 low. Additionally, employment has grown 6% from June 2011 to 1.77 million, and foreclosure starts have fallen 84% over the last four years. Although Phoenix still has room to improve before reaching its pre-recession peaks in home prices, employment, and foreclosure starts, the overall trend is positive.

Read the full article at Phoenix Business Journal.

Tech Company Bringing 500 New Jobs to Phoenix

July 23, 2013
Market: Phoenix, AZ

Asurion, a Nashville-based consumer technology company, expects to hire 500 workers in Phoenix, AZ to staff its new $12 million support center. The company plans to fill the positions by the end of 2013. Asurion’s tech support staff assist customers with device setup and troubleshooting for cellphones, tablets, and game consoles.

Read the full article at Phoenix Business Journal.

 

Phoenix apartment market expecting 5,000 new units by end of 2013

Market: Phoenix, AZ
July 19, 2013

When the millions of homeowners displaced during the housing crisis turned to renting, the multifamily market kicked into high gear and boomed for the past 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.

Wasatch sells 196-Unit Painted Trails for 50% profit

June 21, 2013

Amy Wolff Sorter, GlobeSt.com

Market: Gilbert, AZ (25 miles SE of Phoenix)

Less than four years after acquiring the 196-unit Painted Trails Apartments, Wasatch Property Management sold the 95%-occupied, class A multifamily property to RK Properties for $25.7 million.

Wasatch Property (based out of Logan, UT), acquired the property for $16.6 million in December, 2009 through a lender short sale. Wasatch has no plans to sell its other Phoenix-area assets at this time.

Chandler, AZ, located directly southwest of Gilbert, is attracting its fair share of businesses and corporations: Banner Gateway Medical Center and American Furniture (which is building a 600,000-square-foot warehouse) are huge employment drivers.