{"id":1247,"date":"2021-06-29T13:32:23","date_gmt":"2021-06-29T13:32:23","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1247"},"modified":"2024-02-06T11:16:13","modified_gmt":"2024-02-06T11:16:13","slug":"phoenix-multifamily-market-report-summer-2021","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-summer-2021\/","title":{"rendered":"Phoenix Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Strong Demand Outpaces Consistent Supply<\/h3>\n\n\n\n<p>Some of Phoenix\u2019s strong points\u2014including lower population density and an income tax rate that\u2019s roughly three times lower than California\u2019s\u2014continued to encourage relocations to the area, with the pandemic fueling an existing trend. This has helped the metro\u2019s multifamily market remain a top national performer. The average rent increased by 0.9% on a trailing three-month basis through April to $1,316, while the U.S. rate rose 0.5% to $1,417. Year-over-year through April, the average rate grew by 8.1%. Meanwhile, the national figure was up just 1.6%. Phoenix\u2019s unemployment rate slid to 6.7% in February and preliminary data for March pointed to 6.1%. <\/p>\n\n\n\n<p>The employment market posted a 3.7% contraction in the 12 months ending in February, outperforming the -7.2% national rate. The metro\u2019s largest sector\u2014trade, transportation and utilities\u2014was the only one that gained jobs during the period, expanding by 2.7%. Amazon\u2019s substantial expansion sustained job growth, and its plans for 2021 will likely help maintain the trend.<\/p>\n\n\n\n<p>Last year\u2019s elevated transaction activity and stock expansion made 2020 the metro\u2019s second-best year this past decade. The trend continued in 2021: Through April, multifamily sales surpassed $2.3 billion, while developers delivered 3,214 units and had an additional 28,804 under construction.<\/p>\n\n\n\n<p>Read the full <strong><a href=\"https:\/\/www.yardimatrix.com\/publications\/download\/file\/1273-MatrixMultifamilyPhoenixReport-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\">Matrix Multifamily Phoenix Report-Summer 2021<\/a><\/strong><\/p>\n\n\n\n<div style=\"height:46px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Strong Demand Outpaces Consistent Supply Some of Phoenix\u2019s strong points\u2014including lower population density and an income tax rate that\u2019s roughly three times lower than California\u2019s\u2014continued to encourage relocations to the area, with the pandemic fueling an existing trend. This has helped the metro\u2019s multifamily market remain a top national performer. The average rent increased by [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1248,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[221,457],"class_list":["post-1247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2021","tag-phoenix"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Multifamily Market Report \u2013 Summer 2021\" \/>\n<meta property=\"og:description\" content=\"Strong Demand Outpaces Consistent Supply Some of Phoenix\u2019s strong points\u2014including lower population density and an income tax rate that\u2019s roughly three times lower than California\u2019s\u2014continued to encourage relocations to the area, with the pandemic fueling an existing trend. This has helped the metro\u2019s multifamily market remain a top national performer. The average rent increased by [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-summer-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-29T13:32:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-06T11:16:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/06\/Phoenix-Matrix-Report-iStock-1290754617.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"lilianam\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anca Gagiuc\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Phoenix Multifamily Market Report \u2013 Summer 2021 - Yardi Matrix Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-summer-2021\/","og_locale":"en_US","og_type":"article","og_title":"Phoenix Multifamily Market Report \u2013 Summer 2021","og_description":"Strong Demand Outpaces Consistent Supply Some of Phoenix\u2019s strong points\u2014including lower population density and an income tax rate that\u2019s roughly three times lower than California\u2019s\u2014continued to encourage relocations to the area, with the pandemic fueling an existing trend. This has helped the metro\u2019s multifamily market remain a top national performer. The average rent increased by [&hellip;]","og_url":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-summer-2021\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2021-06-29T13:32:23+00:00","article_modified_time":"2024-02-06T11:16:13+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2021\/06\/Phoenix-Matrix-Report-iStock-1290754617.jpg","type":"image\/jpeg"}],"author":"lilianam","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Anca Gagiuc","Est. reading time":"1 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