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E-Zine for the Week Ending April 11, 2017
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Our 2nd KLCG - AMA meeting will be Wednesday afternoon, the 17th of May at the AMA office located at 818 N 1st Street in downtown Phoenix. In addition to our Q1 2017 apt. market update, guest speakers will provide insight into the Current and Future Development plans for downtown Phoenix, plus apartment opportunities along major transportation routes, including lite-rail and transit, serving downtown. The keynote speaker will hopefully be Christine Mackey, the economic development director for the City of Phoenix.
Every apt. owner should understand what’s driving the development in downtown Phoenix, the current and future need for housing and the rental rates that could be realized for existing and re-positioned assets along major transportation corridors. serving the downtown area.
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Who said the suburbs were dead?
Suburban areas of Phoenix accounted for 8 percent of the net office leasing in the entire U.S. in 2016. Only Dallas (13 percent) accounted for more, with Phoenix tying Los Angeles for second. That is according to a new research report by CBRE Group Inc. (NYSE: CBG).
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The latest renter survey from Freddie Mac is packed with good news for the apartment industry.
A growing number of renters are optimistic about their financial situation and expect to stay where they are even if their rents increase, the research findings, released Monday, show. Also of note, a declining number of renters say they're working toward homeownership, expect to buy a home, or plan to move within the next few years.
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The average U.S. apartment asking rent grew 0.4% in the first quarter of 2017, up to $1,315, and by 3.3% on a year-over-year (YOY) basis since the first quarter of 2016, according to Reis’1Q 2017 Apartment Sector Preliminary Trends Release. The research firm’s findings mark a significant deceleration in rent growth from the pace seen one year ago, when YOY rent growth exceeded 5%.
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REIT pioneer Sam Zell says the latest iteration of the real estate cycle might last longer than usual.
Speaking April 6 at a NYU Schack Institute symposium on the REIT industry, Zell, the chairman of Equity Group Investments, LLC, commented that the “suppression of growth over the last eight years might mean that we play extra innings this time.”
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12,759 Units Under Construction
In addition to the 12,759 units currently under construction, there are 19,254 planned and 9,137 units noted as Prospective. That's a total of 41,150 units.
Email Jim for detailed list of new construction or use the map link above.
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Map of Apartments Available
We keep track of all apartments advertised. The interactive map shows the location and quantity of units advertised in Phoenix Metro area.
CLICK HERE for a detailed list of Apartments Available or use the map link above.
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Kasten Long Commercial Group
Jim Kasten, CCIM - Designated Broker
602 445 4113 office 602 677 0655 Cell
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