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Home / Apartments (2)

PICOR Connect | Trends in Commercial Real Estate

The State of Tucson's Apartment Market: TREND Report

Last updated on September 11th 2017

The Tucson apartment market has been driven by a multitude of factors. The first factor that is driving the apartment market is that higher paying jobs are entering the Tucson economy. Tucson’s job growth remained relatively stagnant the past five years with median household income in the metro area 15.5% below that of the U. S. Several recent, high-profile jobs announcements included hundreds of[…]

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Tucson Apartment Market Sees Continued Traction

Last updated on May 9th 2017

In Tucson's apartment market, the vacancy rate for conventionally-operated, stabilized units decreased by 0.35% from the previous quarter, while improving 0.28% from one year ago to 6.52%. Eight of Tucson’s 15 submarkets experienced occupancy gains, with the greatest improvements occurring in Tucson Mountain Foothills (-2.12%) and South Tucson/Airport (-2.09%).

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Positive Outlook for Tucson Apartment Market in 2017

Last updated on February 21st 2017

 

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Across-the-Board Improvement for Tucson Apartment Market

Last updated on November 2nd 2016

Tucson’s apartment market experienced positive growth in all of the market indicators from the previous quarter. The vacancy rate for stabilized units improved by 0.56% from the previous quarter to a rate of 6.27%. 

 

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Mid Year Tucson Multifamily Update

Last updated on August 16th 2016

Tucson’s multifamily market experienced minimal change from the previous quarter. The vacancy rate for stabilized units in Tucson increased 2 basis points from the previous quarter to a rate of 6.83%. This figure is very encouraging, given the seasonal nature of the Tucson apartment rental market. Many residents leave for the summer, escaping extreme heat, along with many students returning[…]

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Job Growth Spells Good News for Tucson Apartment Market

Last updated on May 10th 2016

No better news could have been reported for the Tucson apartment market than job growth, which translated into the strongest improvement in fundamentals in years.  The vacancy rate for stabilized units in Tucson dropped 100 basis points (bp) from the previous quarter to 6.8%.  This is the lowest first quarter rate since 2007. North Tucson, comprising Northeast Tucson (3.8%) and Oro[…]

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Tucson Apartment Market Finished 2015 Strong. What's ahead?

Last updated on February 23rd 2016

The Tucson Apartment market saw continued growth in all major sectors in the fourth quarter of 2015. The vacancy rate improved 34 basis points (bps) during the quarter to finish the year at 7.82%. This marks a 105 bps improvement from the start of 2015, attributable to the previous year’s limited movement and a slight increase in job gains in the region.  Nine of the fifteen submarkets[…]

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Tucson Apartment Market Gains Ground Q3

Last updated on December 15th 2015

Market Overview

In a show of local market strength, Tucson’s multifamily sector reported positive growth in all key statistical categories in the third quarter of 2015. Absorption increased by 623 units during this time period as students and winter visitors returned to the region. For the trailing twelve months, Metropolitan Tucson experienced a 740-unit increase in occupancy. The net rents for[…]

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The Mixed Story on the Tucson Apartment Market

Last updated on February 26th 2015

Metro Tucson ended November with a total of 372,000 non-farm jobs, gaining 5,200 year-over-year (YOY), an annualized job growth rate of 1.4%. Growth in home prices began to flatten, with a 4.6% gain in median selling price in 2014. HomeGoods, a division of TJM Companies, announced interest in opening a western distribution center in Tucson, an operation employing up to 900 with an estimated[…]

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Tucson's apartment market sees gains in Q3

Last updated on November 11th 2014

For the Tucson apartment market, the third quarter of 2014 continued to report historic progress in absorption and vacancy figures.  Tucson's multifamily inventory absorbed 618 units in the third quarter of the year. The vacancy rate dropped 0.8% to a very encouraging 8.2%.  These two indicators continue to improve in the marketplace mainly due to the declining average rent in Tucson. 

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