Phoenix Multifamily Market Snapshot — Q1 2020
Prior to the onset of COVID-19, the Phoenix multifamily market stood on solid ground. The market had the highest rent growth in the nation, along with an active development pipeline and high investment activity.
The average asking rent in Phoenix increased 6.9% during the 12 months ending in March 2020, according to Moody’s Analytics REIS, and has risen every quarter since third-quarter 2010.
Phoenix multifamily investment volume reached a record high of $8.2 billion during 2019, according to data from Real Capital Analytics (RCA), while cap rates remained at a historical low of 4.9%.
Here’s a quick look at the the Valley of the Sun’s multifamily financing and investment benchmarks for Q1 2020.
For more insights on the area, read our Phoenix multifamily market spotlight.