Phoenix, Arizona

Year over Year as of 6/30/21

Phoenix, Arizona

Year over Year as of 6/30/21
  • Population Growth

    .23%

  • Rent Growth

    17%

  • Employment Growth

    .1%

  • Occupancy Rate

    96.8%

  • New Supply

    10,180 Units

  • % of Stock

    3.2%

  • Acquisition Price

    15%

  • Cap Rate

    -100 bps

Market Dynamics

Migration from other parts of the country and job growth have created record demand for apartments pushing rents up at a pace four times the national average. Net absorption between April and June 2021 represented the state’s largest quarterly total in 15 years.

Sources: CoStar, Real Capital Analytics, RealPage, Marcus & Millichap

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