Tucson 3Q23 Multifamily Market Insights Report: Strong seasonal trends steady the local market

Highlights:

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• Following a sluggish first half, the Tucson multifamily market posted an improving performance during the third quarter. The vacancy rate decreased, and rents maintained an upward trajectory. Vacancy tightened even as more units were delivered to the market.
• Area vacancy dipped 20 basis points during the third quarter to 7.9%, marking the first vacancy improvement since the third quarter of 2021. Year over year, the rate is up 160 basis points.
• Asking rents continued to trend higher, rising 1.2% during the third quarter to $1,196 per month. Area rents increased by 2.7% in the past year.
• Sales velocity accelerated in recent months, however, transaction volume year to date is still down 80% from levels posted in the same period last year. The median sales price thus far in 2023 is $116,000 per unit.

Read the report, or contact our Phoenix office to learn more.