Below is an article on the CCIM/IREM Economic Forecast. Note that the article makes reference that apartments are no longer the “Bell of the Ball”. New Apartment development is experiencing higher construction and land costs, plus rental concessions are bask in the more competitive markets. This will slow class “A” development. With no new “B” and “C” product being built, this sector remains very strong.
Jim Kasten, CCIM (panelist for the multifamily panel)
While many turned their attention to Washington D.C. for the inauguration of President Donald Trump, the Valley’s heaviest hitters in commercial real estate joined forces at the 10th Annual IREM-CCIM Economic Forecast on Friday at the Arizona Biltmore.
Sales of apartment complexes hit a record $4.97 billion in 2016, according to new numbers from ABI Multifamily. The 2016 sales volume was up from $3.86 billion of multifamily sales in 2015, according to Thomas Brophy, ABI’s research director.
The multifamily market is showing signs of a moderate slowdown this year, with average apartment rents decelerating on a national scale and incoming supply expected to push up vacancy rates. Experts say the sector will remain strong amidst these challenges, as outlined in Yardi Matrix’s U.S. Multifamily Outlook report.
10,561 Units Under Construction In addition to the 10,561 units currently under construction, there are 23,060 " planned and 7,911 units in the early phases. That's a total of 41,532 units.
CLICK HERE for detailed list of new construction or use the map link.
Map of Apartments Available We keep track of all apartments advertised. The interactive map shows the location and quantity of units advertised in Phoenix Metro area.
CLICK HERE for a detailed list of Apartments Available
or use the map link.