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Ep. 26: PHX 1st in US for new residents in 2020/Multifamily market is hot
With the increase of new residents moving to Phoenix, and real estate being scarce; Jamison and Rocky provide insight into what sets the Phoenix metro and multifamily market apart from other cities.
▪ "The rankings back up what Valley residents are seeing on the ground: there is no ceiling in sight for the housing market, and housing prices have been rising steadily for months." (Phoenix Business Journal) https://www.bizjournals.com/phoenix/news/2021/02/15/redfin-phoenix-rank-in-net-inflow-[…]2lJanRyWkIrN2llZTgxUyt3TTd4WFZEN2t2ZTBTdW5zVjlhTW13M0E9PSJ9
▪ "Over the past decade, the price-per-unit (PPU) for multifamily properties surged 156%, reaching nearly $160,000. This increase surpassed both median home sale prices and rental rates."
▪ "Phoenix is the sixth hottest U.S. market for multifamily sales over the last decade. Since 2009, Phoenix has registered more than $42 billion in multifamily sales."
▪ "In terms of transactions, 1,711 deals were completed across the metro since 2009, totaling 385,717 units." (AZBigMedia) https://azbigmedia.com/real-estate/phoenix-ranks-no-6-among-hottest-multifamily-markets/