{"id":3089,"date":"2022-02-03T15:06:14","date_gmt":"2022-02-03T15:06:14","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=3089"},"modified":"2023-09-21T07:46:25","modified_gmt":"2023-09-21T07:46:25","slug":"phoenix-housing-market-trends-january-2022","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/phoenix-housing-market-trends-january-2022\/","title":{"rendered":"Phoenix Housing Market Trends (January 2022)"},"content":{"rendered":"

Demand Boosts Fundamentals<\/h2>\n

Phoenix\u2019s multifamily market posted an exceptional performance throughout 2021, with rents, supply and sales all marking new decade highs. Rents rose 25.9% on a year-over-year basis through November<\/strong>, to $1,607, surpassing the U.S. rate, which marked a 13.5% increase to $1,590. The occupancy rate in stabilized properties stood at 96.3% in October, following a 70-basis point year-over-year increase.<\/p>\n

The unemployment rate dropped to 3.2% in October<\/strong>, outperforming the 4.6% national figure. Arizona was one of the few metros that had made a full employment recovery less than a year and a half into the pandemic, with the job market posting a 7.0% expansion in the 12 months ending in September 2021, leading the U.S. rate by 60 basis points. Phoenix added 126,500 jobs during the period, despite the financial services sector\u2019s 3.2% contraction. Leisure and hospitality led gains (34,900 jobs), followed by trade, transportation and utilities and professional and business services, which accounted for 55,500 jobs combined.<\/p>\n

Developers delivered 9,479 units in 2021 through November\u2014a new decade high\u2014and had another 36,080 units under construction. Meanwhile, investment activity rose by 31% over the previous peak<\/strong>, totaling 10.6 billion in multifamily assets as of November, for a per-unit price that increased to $245,253.<\/p>\n

Read the full Matrix Multifamily Phoenix Report-January 2022<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Demand Boosts Fundamentals Phoenix\u2019s multifamily market posted an exceptional performance throughout 2021, with rents, supply and sales all marking new decade highs. Rents rose 25.9% on a year-over-year basis through November, to $1,607, surpassing the U.S. rate, which marked a 13.5% increase to $1,590. The occupancy rate in stabilized properties stood at 96.3% in October, […]<\/p>\n","protected":false},"author":650,"featured_media":3090,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12,5,4],"tags":[444,457],"class_list":["post-3089","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-metro-reports","category-multifamily-market","category-real-estate-trends","tag-multifamily-outlook-2022","tag-phoenix"],"yoast_head":"\nPhoenix Housing Market Trends (January 2022) - Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"Phoenix rents rose 25.9% on a year-over-year basis through November, to $1,607, leading all major U.S. markets, while the inventory expansion and investment activity marked new peaks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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