Market Intel

Intel

Phoenix No. 2 in U.S. for increase in home values

Continued torrid growth in the housing market paired with a long-awaited bump in inventory in May, according to Zillow’s latest Market Report. Home value appreciation — particularly Phoenix home values — continues to break records and typical time on market is down to just six days. Meanwhile, rents are rising quickly across the U.S., breaking out after growth was stymied under the pandemic. READ ALSO:  5 Arizona housing market predictions for 2021 Inventory is finally showing signs

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Intel

U.S. Apartments Have Risen to the Top of Foreign Investors’ Wish Lists

International investors have a new favorite type of real estate. They now spend just as much money on apartment buildings in the U.S. as they spend on their old favorite property type, U.S. office space. The change has been a long time coming. Foreign investors once had little knowledge of U.S. rental housing. Now they want the consistent, resilient income from apartments mixed into their investment portfolios and several are spending billions to buy apartment

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Intel

Apartment Technology Goes from Luxury to Necessity

Innovative technology has been driving the multifamily housing industry forward in today’s market, particularly in the past year in response to the COVID-19 pandemic. Several digital tools previously considered add-ons, such as virtual tours, ID scanning, and 3D imagery, became must-haves in the industry, which was forced to market apartments virtually to overcome pandemic-related restrictions. Leasing agents exercised an abundance of caution when showing apartments at the beginning of the pandemic, but, with COVID cases

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Intel

7 Arizona cities in Top 25 for amenity-rich apartment communities

It’s always been about location in real estate, with amenities leading the rest of the pack of decisive factors when choosing a place to call home — in fact, having the right ones can make or break a lease. The last decade has been a race for developers to win the hearts of American renters, and apartment community amenities were among the strongest incentives that could tip the contest in one competitor’s favor. While having

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Intel

REIM sells 20 New Build Townhome Units in Tempe $500K/Unit

Real Estate Intelligent Marketing (REIM) is pleased to announce the sale of The Hardy, a 20-unit new construction townhome community in the heart of Tempe, Arizona. The Hardy sold for $10,000,000 or $500,000 per unit. This is the highest price per unit sale in Tempe in the past year for new construction townhome product. The fully leased community comprises of all three-bedroom, three-bathroom, 1,707 square foot townhomes in three story buildings. All units have attached

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Intel

Fewer Apartment Dwellers Paying Rent on Time Signals Further Industry Struggles

Fewer U.S. apartment dwellers paid their June rent in the first six days of the month than in May, prompting concerns that hurdles from labor shortages to other difficulties in building more affordable units lie ahead for the industry even as the economy recovers from the pandemic. The roughly 77% of renters who made full or partial payments toward their rent by June 6 was down 3 percentage points from a rate of 80% in

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Intel

77% of Apartment Renters Pay Through June 6

Seventy-seven percent of apartment households made a full or partial rent payment by June 6, according to The National Multifamily Housing Council’s survey of 11.7 million units of professionally managed apartment units across the country. June 6’s 77% mark is a 3.8 percentage point decrease from the share who paid rent through June 6, 2020. By June 6, 2019, 81.6% had paid. However, NMHC points out that June 5th and 6th fell on the weekend

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Intel

Developers Building Bigger Apartments As Remote Work Drags On

Apartment developers are building markedly bigger units as the multifamily building industry adapts to changing post-pandemic renter preferences.  After more than 10 years of shrinking footprints, 36% of new builds in 92 markets across the country are building bigger apartments than ever, according to a RentCafe analysis of Yardi Matrix data. Most of those are upsizing two-bedroom units, which are increasing by nearly 50 square feet on average. Three-bedroom apartments are increasing by an average

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Intel

Apartment Owners Attempt to Accommodate the WFH Lifestyle

A recent headline on Bloomberg read, “Employees are quitting instead of giving up working from home.” The article, which highlighted a handful of white-collar Americans who walked away from their jobs when their employers required them to return to the office, supports the notion that work from home (WFH) might be here to stay, at lease for some employees. Related: A Faster Than Expected “Return to Office” Rollout Is Boosting Investors’ Confidence A recent Harris

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Intel

Small Markets See Biggest Increases in Apartment Rents

he multifamily market is beginning to perk up as the U.S. reopens and the pandemic wanes, but so far apartment rents have not been increasing at the same rate. Third-tier markets, generally smaller and less populous areas such as California’s Inland Empire, North Carolina’s Charlotte and Florida’s Fort Lauderdale, are seeing rent growth above pre-pandemic levels, even as apartment rent growth in the larger first- and second-tier markets continues to underperform. This apartment rent outperformance

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