PHOENIX-Continued strong demand for multihousing has led the way for an increase in construction. According to Marcus & Millichap Real Estate Investment's Q4 Apartment Research Market Report, rents grew for the fourth consecutive year, leading to 3,900 units delivered to market by year-end.

The unit construction count represents a 1.3% increase in inventory, year-over-year. In 2012, 1,100 units were completed and delivered to market. Scottsdale is leading the region in apartment construction, with 2,000 units under development.

The reason for the construction increase is that of vacancy – the report says vacancy is currently at 7.1%, and will drop further to 6.9% by the end of 2013.

The outlook is for building to continue; the report points out that construction is underway on 7,600 units, in total, with deliveries anticipated into 2015. The report also notes that more than 20,000 units are planned, though most of those projects, as yet, don't have a groundbreaking date.