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Phoenix 6th Hottest Multifamily Market

Credit: CommercialSearch

By CommercialSearch/Yardi Matrix 

Over the past decade, the price-per-unit for multifamily properties surged 156 percent, reaching nearly $160K. This increase surpassed both median home sale prices and rental rates. 

The latest CommercialSearch study compared and ranked the most active U.S. metros in terms of multifamily sales since 2009. 

Here are some highlights: 

  • Phoenix is the sixth hottest U.S. market for multifamily sales over the last decade. Since 2009, Phoenix registered more than $42B in multifamily sales. 
  • In terms of transactions, 1,711deals were completed across the metro since 2009, totaling 385,717 units. 
  • In 2020 alone, Phoenix closed 125 deals, claiming the 3rd spot. The market had only 21 deals fewer than Dallas-Fort Worth, which took #1. 
  • For comparison, nationally, the average rent saw a 37 percent increase to $1,462 and the median home sale price was up roughly 58 percent since 2009 to $313,200. (Source) 

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