Housing affordability in the United States sank to its lowest level in index history in the third quarter of 2023. This applied for housing affordability in two Arizona metropolitan areas as well. The fourth quarter of 2022 was the low point for affordability in most Arizona metropolitan areas; however, Lake Havasu City-Kingman and Tucson both experienced even lower affordability in the third quarter of 2023. Arizona housing affordability The share of homes sold in the third

Hands down, the biggest buzz right now at every multifamily conference, summit panel, roundtable or leadership meeting is about artificial intelligence (AI). A myriad of experts and talking heads appearing on webinars and podcasts, or in articles and blogs (like this one), are stressing the necessity for the multifamily industry to adopt AI. They emphasize its potential to enhance the resident experience and optimize the leasing process, particularly through the use of dynamic, natural language

The multifamily/rental market makes up 34% of “headline inflation” and 43% of core inflation. So, the sector is “paramount to building any expectation of what Fed will do,” said Matt Vance, senior director and senior economist for CBRE, speaking at the Commercial Economic Issues & Trends Forum Nov. 15 at NAR NXT, The REALTOR® Experience(link is external), in Anaheim, Calif. Vance shared the stage with NAR Chief Economist Lawrence Yun, and the two agreed that

A new report from Multilytics, Origin Investments’ proprietary suite of machine learning models, forecasts that year-over-year national Class A apartment rent growth will return to positive territory by January 2025, ranging from 2% to 3% in keeping with historical averages. The “Multilytics Rent Growth Forecast Report” also predicts that year-over-year rent growth will return slowly to normal by the start of 2025 in many of Origin’s target investment markets, with all of its markets returning

Recent economic data leads the National Association of Home Builders (NAHB) to suggest housing conditions may improve in the coming months. Of late, though, the NAHB/Wells Fargo Housing Market Index (HMI) for October fell for the fourth consecutive month and is now at its lowest level since December 2022. “While builder sentiment was down again in November, recent macroeconomic data point to improving conditions for home construction in the coming months,” NAHB Chief Economist Robert Dietz

Higher interest rates, sidelined capital and economic uncertainty have put a crimp in commercial real estate deals. Despite this, data company Archer.re reported a significant increase in national underwriting activity for multifamily properties during October 2023. Using data from its proprietary technology platform, Archer reported the following: Underwriting activity increased from 1,019 to 2,083 from August through October The main focus continues to be core-plus and value-add multifamily properties There is broad-based interest, with higher

Phoenix rents have declined by 4.7% year-over-year, according to one recent study by ApartmentList. Rent prices dropped 1% in October, more than the national average of 0.7%. The drop brought the Valley’s median rent down to $1,422, roughly 5.1% higher than the national average. Phoenix is the No. 52 most expensive large city in the country, wedged between Jacksonville, Florida, and Norfolk, Virginia, according to ApartmentList. The decrease in Phoenix rent prices follows a period

Navigating the multifamily real estate landscape through the discerning eyes of institutional players offers a varied spectrum of insights and evolving strategies. Our detailed analysis of feedback from over 30 prominent institutional joint venture partners sheds light on the contemporary narratives defining the market. What we found is that the majority of those surveyed have adjusted their yield objectives, to converge around a yield on cost above 6.75 percent. This shift arises from the perfect

The Arizona economic development community has worked diligently in the past few years to attract massive projects such as LG Energy Solution’s $5.5 billion battery factory in Queen Creek and American Battery Factory’s $1.2 billion facility in Tucson. Doing so requires these professionals to show the merits of locating in Arizona, both in the short- and long-term. AZRE magazine sat down with the following officers of AAED’s board of directors to reflect on the economic

If you really care about rental housing affordability, you should really care about building as many new apartments as possible. It’s the one and only solution that unites economists, housing advocates and industry groups. We’re seeing proven science play out again this year. Apartment construction nationally hit a 50-year high, which led to increased vacancies, which in turn triggered rapidly cooling rents. In the cities building the largest numbers of new apartments, rents are already