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Forecast Is Good for Apartment Markets in Phoenix and Tucson

PHOENIX-The apartment markets in Phoenix and Tucson are expected to remain stable in both cities as population growth and job creation help demand stay out in front of development.

By D.J. Burrough | Updated on February 07, 2001

PHOENIX-The apartment market is expected to remain stable during 2001 in the Phoenix metropolitan area, with a slight decrease in the vacancy rate, while in Tucson the market is expected to regain some of the footing it lost last year, according to a new report.

Demand for units in the Phoenix is expected to keep pace with the 3,500 units that will be brought to market during the first and second quarters, and the 4,000 due during the second half of the year, according to a survey by Hendrick & Partners, a national multi-family advisory and research firm.

But with a population growth rate of 2.5% in the Valley during 2001, which translates into 74,000 new residents, the demand for new apartment is expected to outpace development. More than 8,700 units are expected to be absorbed during 2001, the Hendricks & Partners study says.

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