Region's Multifamily Picture Rosy

PHOENIX-Coming off one of the best years for the apartment market in 2000, the trend looks like it may continue into this year if the first quarter numbers hold up, according to a new survey.

“The Phoenix metropolitan’s alluring combination of strong population growth and job creation continued to fuel demand for housing in the first quarter of 2001,” says John Hendricks, owner, CEO and president of Phoenix-based Hendricks & Partners, a national multifamily advisory firm.

During the first quarter, apartment absorption totaled 3,120 units, nearly matching the figure put up during the same period during 2000. New construction is up although permits are off from last year’s numbers, down to 2,328 versus 3,690 a year ago. Some 2,000 apartment units were under construction during the first quarter, better than the 1,656 under construction for the same period last year.