Courtney LeVinus Courtney LeVinus

The apartment market in Arizona and Phoenix has become a major contributor to the local and state economy. According to a recent Hoyt Advisory Services study and commissioned by the National Apartment Association and National Multifamily Housing Council, the apartment industry has contributed $73.2 billion to the Arizona State economy and $53.8 billion to Phoenix's local economy.

"In Arizona, the apartment industry's impact is the equivalent of the state, playing host to more than 10 Super Bowls each year," Courtney LeVinus, president and CEO of Arizona Multihousing Association, tells GlobeSt.com. "What helps make the industry an economic driver is that 37% of Arizona residents live in rental housing. Occupancy has historically been strong in the state's two major metro areas. In 2018, Metro Phoenix recorded an average vacancy rate of 7.1%; Greater Tucson's rate was 6.7%."

Recommended For You

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.