Market Intel

Intel

Phoenix No. 7 as luxury apartment searches hit all-time high

It has probably never been a better time to hunt for a luxury apartment. Rising vacancies coupled with a glut of newly developed luxury apartments has forced developers and owners to slash prices and hand out generous concessions. There are plenty of rental discounts as high as 3 to 4 months of free rent, as people have fled urban areas, where most luxury apartments are concentrated, and left many high-end apartments sitting empty for months.

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Intel

NMHC Rent Payment Tracker: 80.4% of Apartment Households Paid Rent by March 6

According to the National Multifamily Housing Council’s Rent Payment Tracker, 80.4% of apartment households made a full or partial rent payment by March 6, based on a survey of 11.6 million professionally managed units. This marks a 4.1 percentage point, or 474,942-household, drop from the share of apartment households who paid rent through March 6, 2020. Last month, 79.2% of households made a full or partial payment by February 6. “On behalf of the multifamily

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Intel

This Year’s Renters Want More Space, Good Deals and the Great Outdoors

Renters are on the hunt for open-air amenities, more space, and a better deal in the city they already live in as 2021 unfolds, according to a recent RENTCafé survey on how renters’ preferences have changed as a result of the pandemic.  An improvement in lifestyle was the main driver for the more than 10,000 people who participated in the survey while searching for an apartment on rentcafe.com. The top features respondents searched for a year into the

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Intel

10 Secondary Cities That Will Outperform This Year

Small, secondary metros will be the top investment markets in the country this year, according to the National Association of Realtors. The organization has released its list of the top 10 commercial real estate markets for 2021, which highlights the markets that are expected to outperform the nation. NAR’s selects the markets based on economic, demographic, housing and commercial market conditions in the multifamily, office, industrial, retail and hotel property sectors. This year, the list includes

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Mountain view of Phoenix, AZ
Intel

Here’s a look at Arizona’s rising economic prospects

Arizona currently has the highest population growth rate in the United States and has the third-highest population growth since 2010, according to 2020 census data. Arizona is also currently ranked 4th in the U.S. for GDP growth per year. Further, when measuring chained GDP (GDP growth measured over multiple years and adjusted for inflation) over the past 50 years, Arizona has the second-highest percent growth within the United States, trailing closely behind its neighboring state

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Skyline of Phoenix Arizona
Intel

Arizona’s economic future looks rosy as companies relocate to the state

PHOENIX – It has been tough times for many during the ongoing COVID-19 pandemic, but when compared to the rest of the country, the local economy, along with Arizona’s economy, is doing extremely well, as many businesses are opening up and hiring. According to The Economist, Phoenix will rank as number one or two on a list of major employment markets in the country. People in the valley can feel this change, as businesses move

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Intel

A Flood of Capital is Chasing Rental Housing

With many commercial real estate sectors struggling because of the pandemic, investors are zeroing on a few specific places—apartments and industrial.  “The capital hasn’t gone anywhere,” Chris Niederpruem, managing director, group head, Real Estate Finance, CIT Group said on a panel discussion  during GlobeSt. Apartments Spring 2021 virtual conference held this week. “We’re probably at pre-COVID pricing levels in terms of those asset classes today.” Housing is popular because it has generally held up during

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Intel

Any Signs Of A Distressed Market Yet?

While the outlook for the economy is brighter, there has still been a lot of pain across commercial real estate. Retail and lodging have suffered tremendously through the pandemic, while there are questions about the forbearance activity in multifamily. Some of these retail and lodging properties will need to be converted to other uses. But for that to happen, investors will have to buy them at a discount. To determine value, transactions need to happen.

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Intel

Phoenix among top 10 metros for new business formation, report says

The Valley has been a haven for entrepreneurial activity, according to a new report from Roofstock, a real estate investment platform. The Phoenix metro had a startup formation rate of 9.63%, defined as the number of new businesses in a given year divided by the total number of businesses in a given metro area, from 2014 to 2018. Phoenix’s metro, which includes Mesa and Chandler, ranked 7th in the nation overall among large cities for

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Intel

Apartment Developers Pump the Brakes on New Projects in Pandemic

Nearly a year into the coronavirus pandemic, it’s clear that apartment developers, investors and lenders remain cautious despite an improving economic outlook and a multifamily sector that is on the road to recovery. Roughly 565,000 apartments are under construction, down from the more than 700,000 units that were underway in the first quarter of 2020. This decline in construction activity is widespread. Of the largest 54 metropolitan areas in the country, 44 have fewer units

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