February 10, 2017
The Tucson multifamily market completed 2016 on a strong note, with occupancy at 93.1%, 90 basis points lower than the year before, according to research from Colliers International in Greater Phoenix. Furthermore, increased renter demand, combined with slowing construction, means continued growth for the sector in 2017. There are fewer than 100 units currently under construction.
Rental rates in Metro Tucson increased in the final months of the year, jumping by 4.7% year over year. The average monthly rent was $688 per month. Additionally, the median sales price per unit increased by 30% in 2016, reaching more than $41,500. While sales velocity did slow by the end of 2016, more properties changed hands than in 2015.
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