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Vacancy Decline Drives Rent Gains

Graph credit: Colliers International

By Karen Schutte for Real Estate Daily News

Colliers is reporting that the Tucson multifamily market got off to a strong start in 2015, with momentum carried over from last year.

Multifamily vacancy in Tucson dipped to 8.5 percent in the first quarter. The rate is 80 basis points lower than one year ago.

In the past three years, developers have delivered at least 1,000 units to the market and total inventory has expanded by more than 5 percent. Vacancy is forecast to dip below 8 percent by the end of 2015.

Renter demand has been healthy. Average asking rents ticked up 0.7 percent in the first quarter, reaching $643 per month. This was the strongest quarter of rent growth in eight years, or since 2007.

Read more at Real Estate Daily News

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