MARKET INTEL

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Arizona Is State With the 10th Lowest Real Estate Property Taxes

Depending on where you live, property taxes can be a small inconvenience or a major burden. How do Arizona property taxes rank? The average American household spends $2,869 on property tax for their homes each year, according to the U.S. Census Bureau, and residents of the 26 states with vehicle

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Intel

Quality of Certain Bank Multifamily Loans to Deteriorate

First, in the words of Douglas Adams and his The Hitchhiker’s Guide to the Galaxy, “Don’t panic.” It’s not a case of the sky is falling. It’s not a matter of all multifamily properties plunging toward the ground like a meteorite burning hot and fast before embedding itself into the

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Intel

5 Emerging Multifamily Trends for 2024

The realm of residential development is consistently evolving in response to the shifting needs in the market. As priorities realign and demographic landscapes transform, multifamily designers and developers find themselves in a continuous state of adaptation to resonate with residents in an increasingly competitive arena. At V Starr, as collaborative

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Intel

Housing Starts Fall Sharply in January on Soft Multifamily Activity

Privately owned housing starts fell 14.8% on a month-over-month basis to a seasonally adjusted annual rate of 1,331,000 in January, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The estimate is 0.7% below the January 2023 rate. Single-family starts declined 4.7% to a rate

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Intel

High Rents Don’t Dismay Gen Z When Deciding Where to Move

High rents don’t seem to bother Gen Z when deciding where to move. Even though three-quarters of this generation rent, some of their most popular destinations were also states with rent costs well above the national median. The list of the top 10 states that Gen Z chooses includes California,

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Intel

These Are the Effects Landlord Concessions Have on Apartment Rents

During the last year, it’s become clear that multifamily owners and operators have been using concessions to draw renters in. But a new report from Moody’s Analytics suggests that the use is broader and effective rents are taking a hit. Effective rents, Moody’s points out, are not one of the

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Intel

Metro Phoenix Housing Data Shows More Positive Than Negative Trends

For the first time in months, year-over-year Metro Phoenix housing data for January 2024 showed more positive trends than negative movement, according to Phoenix REALTORS®. “Coming into January, we believed that 2024 was going to be better than 2023,” said Sheryl Bowden, president of Phoenix REALTORS Board of Directors. “The

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Intel

Looking Up: Optimism Greets Multifamily Investors for 2024

Last year, the debt markets were defined by increased interest rates and limited capital availability—but it seems the tide is changing. In 2024, multifamily investors can look forward to an improvement in interest rates, particularly in the second half of the year, and increased liquidity, according to Hilary Provinse, EVP

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Intel

When Prices Go Low, Are Your Ready to Buy?

Headlines continue to suggest that the financial outlook for commercial real estate—even for multifamily housing—ranges from bleak to middling at best. The industry is facing very real concerns about an impending recession, imminent debt maturities, high delinquencies, and flat rents. But this year might just be different than the wild

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Intel

Here’s Where Arizona Ranks for Attracting Out-of-State Movers

Gen Z may prioritize job opportunities and sunshine over affordability when moving out of state. A new Zillow analysis of the U.S. Census Bureau’s 2022 American Community Survey (ACS) finds Gen Z interstate movers flocked to California, even as the state experienced the highest outbound migration among all out-of-state movers. But Arizona

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