Rent evolution in Phoenix, click to enlarge Phoenix’s proximity to denser, more expensive cities had fueled the brain drain of residents and businesses in the second half of the last cycle, and the pandemic has exacerbated that trend. The metro’s multi-family market benefited from this and boosted demand for apartment buildings, which caused the average rent to rise 0.8 percent to US $ 1,259 in the last three-month period through November. Even so, the number fell short of the U.S. average of $ 1,465, which was unchanged for the fourth straight month. READ THE FULL YARDI MATRIX REPORT Phoenix Sales Volume and Number of Properties Sold, Click to Enlarge Employment growth in the 12 months to the end of September marked a 4.2 percent decline, well above the national level of -9.3 percent. The unemployment rate fell to 6.2 percent in September after the number of coronavirus cases rose in midsummer. Preliminary October data indicated an increase to 7.5 percent. In the year ending in September, two sectors created jobs, including Metro’s largest – retail, transportation and utilities – which grew 2.6 percent. The sector benefited from its adaptability to the current situation and from the planned expansion of Amazon, which should create 3,000 new jobs before the Christmas season. The development continued with 8,218 units delivered in 2020 through November and a further 26,483 under construction. Meanwhile, nearly $ 4.4 billion in assets traded, at a unit price that rose 12.8 percent year over year to $ 182,669. Read the full Yardi Matrix report.
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