{"id":1985,"date":"2021-10-15T13:42:06","date_gmt":"2021-10-15T13:42:06","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=1985"},"modified":"2024-02-06T11:00:40","modified_gmt":"2024-02-06T11:00:40","slug":"phoenix-multifamily-market-report-summer-2021-2","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/phoenix-multifamily-market-report-summer-2021-2\/","title":{"rendered":"Phoenix Multifamily Market Report \u2013 Summer 2021"},"content":{"rendered":"<h2>Demand Pushes Metro To New Highs<\/h2>\n<p>Phoenix\u2019s multifamily market remained among the strongest in the country, driven by a diverse economy that continued to exert magnetism even in harsh times. This has led to robust population growth putting pressure on rents, which climbed 2.3% on a trailing three-month basis through July, to $1,453, and a whopping 18.9% on a year-over-year basis, placing Phoenix in the lead among major metros. The Lifestyle segment led rent gains, occupancy and inventory expansion.<\/p>\n<p>The unemployment rate stood at 6.6% in June, trailing the 5.9% U.S. average. Still, employment has left the negative territory, as the metro added 132,900 jobs, up 0.1% in the 12 months ending in May, while the national rate was -1.9%. 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 promising future: TSMC broke ground on its multibillion-dollar factory and has plans to build six more over the next three years; KORE Power wants to build a facility that will create more than 3,000 jobs. Both projects have completions slated for 2023.<\/p>\n<p>Multifamily sales totaled $5.6 billion in 2021 through July, placing Phoenix in the top spot for investment among major metros. Meanwhile, developers delivered 5,453 units and had another 33,985 under construction.<\/p>\n<p>Read the full <a href=\"https:\/\/www.yardimatrix.com\/Publications\/Download\/File\/1326-MatrixMultifamilyPhoenixReportII-Summer2021?utm_source=Matrix-Blog&amp;utm_medium=Social\"><strong>Matrix Multifamily Phoenix Report II-Summer 2021<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand Pushes Metro To New Highs Phoenix\u2019s multifamily market remained among the strongest in the country, driven by a diverse economy that continued to exert magnetism even in harsh times. This has led to robust population growth putting pressure on rents, which climbed 2.3% on a trailing three-month basis through July, to $1,453, and a [&hellip;]<\/p>\n","protected":false},"author":650,"featured_media":1986,"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-1985","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=\"description\" content=\"Phoenix\u2019s multifamily market remained 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