Phoenix rental development, click to enlarge Phoenix’s multi-family market remained one of the strongest in the country, driven by a diverse economy that continued to be attractive even in difficult times. This has resulted in robust population growth that has put pressure on rents. They rose 2.3 percent to $ 1,453 through July and a whopping 18.9 percent year-over-year subways. The lifestyle segment led to rent increases, occupancy rates and portfolio expansion. READ THE FULL YARDI MATRIX REPORT Phoenix Sales Volume and Number of Properties Sold, Click to Enlarge The unemployment rate in June was 6.6 percent, below the US average of 5.9 percent. Still, employment has moved out of negative territory as the metro created 132,900 jobs, up 0.1 percent in the 12 months ended May, while the national rate was -1.9 percent. All but two sectors gained jobs, led by trade, transportation and utilities (40,300 jobs) and education and health care (23,700). Manufacturing has a bright future: TSMC has laid the foundation stone for its multi-billion dollar factory and plans to build six more over the next three years; KORE Power wants to build a plant that will create more than 3,000 jobs. Both projects are scheduled to be completed in 2023. Multi-family sales were $ 5.6 billion from 2021 through July, which puts Phoenix at the forefront of investment among major metros. In the meantime, the developers delivered 5,453 units and had another 33,985 under construction. Read the full Yardi Matrix report.
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