Decline of Cap Rates Signal Possible Multifamily Market Turnaround
The multifamily sector is experiencing stress due to oversupply in Sun Belt cities, leading to higher vacancies, lower rents, and reduced net operating income. CBRE’s recent survey shows that most expect cap rates to stabilize or decline slightly, signaling a possible market turnaround. Optimism varies by region: about 80% of respondents in gateway markets expect […]
Scottsdale blood bank site to be redeveloped for single-family rental homes
A former blood bank and office building near Papago Park in Scottsdale will be redeveloped into a 94-unit rental housing development, with construction expected next year. Modus Companies, a Scottsdale-based developer of apartments and single-family rentals, bought the 10-acre site on Oak Street west of 64th Street in March for $9.25 million from Vitalant. Now, […]
The Federal Government Aims to Make Housing More Affordable
As high housing costs continue to pressure renters and potential homeowners, the Biden administration has proposed measures including $100 million to boost affordable housing, streamlined loan applications, and caps on rent increases by corporate landlords, pending Congressional approval. Vice President Kamala Harris’s potential housing policy mirrors these efforts, with additional plans for rent control and […]
AMCF Gives Over $200,000 in Grants to Phoenix and Tuscon Housing Services
As part of the Arizona Multihousing Association’s ongoing commitment to improving affordable housing and community safety, the Arizona Multihousing Charitable Foundation (AMCF) has awarded over $200,000 in grants to support initiatives in Phoenix and Tucson. In Phoenix, UMOM New Day Centers and the Southwest Autism Research and Resource Center (SARRC) each received $46,870. UMOM aids […]
AMCF Gives $200k to Local Nonprofits to Advance Affordable Housing and Safety
The Arizona Multihousing Charitable Foundation (AMCF) has announced more than $200,000 in grants to advance affordable housing and bolster community safety statewide. As the philanthropic branch of the Arizona Multihousing Association, AMCF awarded $46,870 each to UMOM New Day Centers and the Southwest Autism Research and Resource Center in Phoenix. The Julie Hurst & Steve […]
Phoenix’s Real Estate Growth Since 1980 Ranks Among Best in the Nation
According to a recent analysis by StorageCafe, Phoenix ranks as the second-best city in the U.S. for real estate development from 1980 to 2023, trailing only Houston among the 100 largest cities. The report, which draws data from the U.S. Census, Commercial Edge, and Yardi Matrix, evaluates real estate activity across single-family, multifamily, industrial, office, […]
July’s Apartment Rents Fell For The First Time Since 2020
In July, apartment rental rates declined for the first time since mid-2020, with median rents falling by 0.1% for studios and one-bedroom units, 0.3% for two-bedroom units, and 2.4% for larger units, according to Redfin. Despite these drops, the overall median asking rent rose by 0.4% year-over-year. Several rapidly growing metro areas, especially in the […]
Renting Costs Less Than Buying in All Major US Cities
Realtor.com’s Rental Report reveals that renting is more cost-effective than buying a starter house in all 50 of the largest metropolitan areas. Phoenix is among the top 10 metros where renting offers the greatest savings, with buying costing 91.6% more and a potential monthly savings of $1,396. This shift is driven by high mortgage rates, […]
Local Math Teacher Receives HSL Teacher Appreciation Award
News 4 Tucson, in collaboration with HSL Properties, proudly celebrated a dedicated educator through the HSL Teacher Appreciation Awards. Lisa Rosenfield, Vice President of HSL Properties, and staff from the Vail Unified School District made a special visit to Rincon Vista Middle School to honor Cameron Diggs, a math teacher renowned for his exceptional commitment […]
Phoenix Ranks #2 in Real Estate Development
According to StorageCafe’s development report, which tracks the evolution of the construction market from 1980 to 2023, Phoenix ranks second in real estate development in the U.S., trailing only Houston, Texas. Phoenix leads the nation in single-family home construction, having issued over 215,000 building permits from 1980 to 2023, the highest among major cities. In […]
