Lawsuit Over Sky-Rocketing Rent Prices of Corporate-Owned Apartments
Rent prices in Arizona cities have soared in recent years. For instance, in Tucson, a two-bedroom unit’s rent jumped from $875 per month in 2018 to $1,600 in 2024. In February, Arizona Attorney General Kris Mayes filed a lawsuit against RealPage and eleven property management companies, alleging antitrust violations and fraud. RealPage’s data-driven tactics often […]
Build-to-Rent Rises in Popularity, A Possible Solution to Aging Multifamily Housing
Build-to-rent (BTR) developments are increasing nationwide, especially in Arizona, due to the aging multifamily properties that require costly and time-consuming upgrades. BTR housing typically includes professionally managed homes or townhomes with modern amenities like a clubhouse and swimming pool. In today’s competitive housing market, BTR communities are popular among lifestyle renters, spanning from Baby Boomers […]
Office-to-Housing conversion bill makes headway in San Francisco Legislature
California legislators are actively seeking solutions to tackle the state’s housing crisis. San Francisco’s Assembly member, Matt Haney, introduced a new bill, AB 3068, aimed at accelerating the conversion of historic downtown buildings into housing. The proposed legislation seeks to streamline the conversion process, offering automatic state approval for tax credits focused on historic buildings, […]
Yardi Matrix Notes Decrease in Multifamily Rent Growth in Sun Belt
According to the latest Yardi Matrix National Multifamily Report, the multifamily market performed well in April, with rents increasing for the second month. The average asking rent in the US increased by $6 to $1,725 last month. The year-over-year growth rate remained unchanged at 0.7%. However, the report noted a decrease in negative rent growth […]
Student Housing Demand Grows in Tempe in Contrast to Traditional Developments
As traditional multifamily developments in the Sun Belt face a downturn due to an oversupply surpassing demand, the Tempe area sees continued expansion in student housing projects, driven by the growing enrollment at the university. Most recently, LV Collective, in collaboration with two partners, has finalized plans to construct a high-end, off-campus student housing complex […]
CBRE Expects Apartment Rent Growth to Accelerate in Second Half of 2024
CBRE’s latest report forecasts a robust uptick in U.S. multifamily rent growth for the latter half of 2024. With new construction slowing down and positive net absorption persisting, the market is poised for acceleration. Despite a slight rise in vacancy rates to 5.5% in Q1, the sector saw remarkable demand, absorbing 52,500 units—the third-strongest Q1 […]
Phoenix Welcomes Over 270 New Affordable Housing Units to the Area
The City Council recently approved $8 million in federal funding for 279 affordable apartment units across Phoenix. These units are designated for residents with disabilities, those experiencing chronic homelessness, and senior citizens. The developments include Garfield III, a 60-unit complex at 1510 E. Portland Street; Alex Apartments, a 59-unit complex at 77 E. Weldon Ave.; […]
Phoenix Commercial Real Estate Transactions Fall, Seeing a 75% Decrease from 2021 Average
The Phoenix commercial real estate market experienced a sharp slowdown in the first quarter of this year, with transactions totaling just $1.8 billion, marking a significant 75% decrease from the $7.1 billion average of 2021. Rising interest rates and a weakening property performance have contributed to this decline, causing a pricing disconnect between buyers and […]
Not-for-Profit Organization Buys Land for Power Infrastructure Development
The Salt River Project Agricultural Improvement and Power District, a nonprofit dedicated to supplying accessible water and electricity to central Arizona residents, has acquired over 96 acres in Laveen Village for $46.3 million from Leon Capital Group. They plan to use the purchased land to develop a power infrastructure to serve the area of Laveen […]
Built-to-rent Communities Continue to Pop-up Across the Valley
Build-to-rent developments are becoming increasingly popular in the Valley as they offer a new and convenient housing option that is both affordable and community-oriented. Responding to the changing preferences and lifestyles of Arizona residents, developers are constructing modern neighborhoods that are tailored specifically for renters. In 2023, 4,030 single-family homes for rent were opened in […]
