Phoenix is showing solid job growth, but still unsteady demand for apartments. As a result, occupancy is climbing – but more due to limited new supply rather than strong demand. And yet, the market saw a flurry of new starts in 1st quarter 2013. What does that mean for the Phoenix apartment market going forward?
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Phoenix is recording solid job growth but disappointingly little apartment demand – suggesting that a comeback in the single-family home market is further weakening apartment market fundamentals.
In part one of his examination of apartment markets with weak demand performance during Q3 2011, Greg Willett looks at Phoenix.
Greg Willett and Jay Parsons look at three apartment markets that have significantly outperformed expectations so far in 2011.
Jay Parsons explains why Phoenix has been one the nation’s big comeback stories of 2011′s first half. No longer is growth limited to Phoenix’s upper-tier eastern suburbs.
Competition from single-family homes and condos didn’t seem to dampen U. S. apartment market demand during most of 2009 and the first half of 2010. More recently, it looks like shadow market rental product has seen its popularity rise again in specific metros.
Among the hardest-hit bubble markets, Phoenix is emerging as the first to record significant recovery.
The U.S. apartment sector enjoyed such a strong year in 2010 that even the nation’s hardest-hit markets began shifting into recovery mode.
Phoenix’s apartment market, as a whole, remains in very weak shape as of fall 2010.
The recovery of the nation’s apartment market continued at full steam in the 3rd quarter of 2010, according to preliminary data from MPF Research.
Where in the world would an occupancy rate of just 88.5 percent be considered wonderful news? Only in Phoenix. Why? Well, when occupancy climbs for the first time in 15 quarters, that’s a permissible cause to celebrate.