PHOENIX-There are signs of life in the Phoenix economy. This seems to be holding true for the multifamily sector – according to Axiometrics Inc. inventory, occupancy and effective rent growth are on the rise.
During May 2013, effective rent growth stood at 3.12% (an increase from the 1.88% reported during the same time the year before). Overall occupancy was 93.3% (slightly up from 92.9% in May 2012). Inventory was also up slightly to 150,262 units. In May 2012, inventory stood at 144,041 units.
Breaking the statistics down by class, class C product saw more noticeable hikes in rent and occupancy figures.
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