There are hot apartment markets such as Phoenix and Dallas projected to do well this year, but understanding the fundamentals in those areas' key submarkets can prove even more valuable to investors and developers.
Much has been written about the scorching hot Phoenix market, for example. Greg Willett, Vice President of Marcus & Millichap's Institutional Property Advisors (IPA) multifamily research, points more specifically to its nearby cities such as Tempe, Chandler and Gilbert on the west side of metro Phoenix.
Development is heaviest downtown and in West Valley suburbs such as Glendale, Ariz., according to Marcus & Millichap's report. Net absorption surpasses 19,000 units, the highest annual total since at least 2000. Still, the record setting wave of supply results in a slight vacancy increase to 2.8 percent.
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