The consumer price index for rent prices in the Metro Phoenix area has increased by 10% from August 2022 to August 2023, according to the United States Bureau of Labor Statistics. The consumer price index, or CPI, is the average change over time for prices paid by consumers in an area. Any CPI over 100 is equated with a rise in the inflation rate since 1984. In Phoenix in August of 2022, the CPI of

Favorable demand conditions as well as the limited supply of competitive housing types, such as existing single-family homes, continued to benefit public real estate investment trusts (REITs) in the third quarter. Despite largely positive results across the board for public-reporting companies—including strong lease renewal and occupancy rates—several REITs did note the delivery of new apartment supply as a potential headwind to rental rate growth among new residents. Quarterly Results AvalonBay reported core funds from operations

Renters are willing to pay more for things such as pickleball and rentable workstations and have cooled on fitness center use and fitness class offerings, according to results from the 2024 Renter Preferences Survey Report released last week by NMHC and Grace Hill. It was presented at the National Multifamily Housing Council’s OpTech conference in Las Vegas. The report provides a comprehensive look at the home features and community amenities that are most important to

Home building in metro Phoenix hasn’t come to a grinding halt and isn’t expected to, despite new water restrictions for subdivisions on the area’s edges. And while the Valley’s water woes won’t help the area’s housing shortage, they aren’t going to make it substantially worse either, according to water and housing experts. Arizona’s water agency said last month it would stop approving new home developments that rely solely on groundwater, which experts say is already

While the multihousing investment market remains very challenging due to increased scrutiny, rising interest rates and uncertain future economic conditions, deals are still getting done, albeit not nearly at the pace experienced in the post-pandemic boom. Investment sales are noticeably down this year compared to 2022 and have been much more difficult to close as everything is getting looked at with a fine-toothed comb, causing those sellers who can afford to wait to hold off.

Home prices have jumped 5.8% year-to-date, according to the CoreLogic S&P Case-Shiller Index. In August, home prices increased 2.6% year-over-year. Conversely, home sales are at the lowest level in 15 years, according to the report accompanying the index update. Many potential homebuyers have been priced out due to the jump in prices, spike in mortgage rates and borrowing costs, and low supply. Current homeowners are wary of listing their properties and are waiting until the market stabilizes,

The Federal Reserve left interest rates unchanged this month, a decision that had been widely anticipated. The Federal Funds Rate has been unchanged since July at a range of 5.25 percent to 5.5 percent. For the last two consecutive central bank meetings, markets have priced in a pause, correctly predicting that the Fed would hold off on further increases. Key economic metrics suggested as much. The job market is showing some signs of a slowdown

Arizona is ranked second among states where home prices are rising faster than wages, according to an analysis by MyEListing. Arizona’s housing price and wage growth disparity over the last five years stands at 37.7%. The U.S. housing market is no stranger to volatility, and housing affordability continues to remain a significant concern for aspiring homeowners waiting on the sidelines as home prices rise and mortgage rates increase. At the core of this concern, however, lies the

The single-family build-to-rent (BTR) sector continues to gain momentum, with 104,000 units expected to be completed by the first quarter of 2026, according to data from RealPage. “I love this asset class and think it represents genuine innovation. This is a product that offers the physical amenities that you might expect in a single-family home—larger units, a more suburban community with lower density, and a lifestyle that is distinct from an apartment community—yet it is

LOS ANGELES—Interest rates represent just one of the many factors impacting the development of multifamily housing, as highlighted by Daniel Doyle, Chief Operating Officer of the Beach Co., during a recent development session at the GlobeSt. Multifamily Fall Conference. He shared, “Our plan for this year was to kick start four projects, but as of mid-November, we’ll only be closing on one of them. You can imagine the disruption this creates for our workflow and