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    Home » Trends » TCA Apartment Rents Up on Low Vacancy, High Demand
    Trends

    TCA Apartment Rents Up on Low Vacancy, High Demand

    BEX StaffBy BEX StaffDecember 21, 2021No Comments1 Min Read
    Credit: Northmarq
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    Northmarq’s Q3 2021 Greater Tucson Multifamily Report shows rents remained on a “steep upward trajectory,” as vacancy dipped 30 basis points during the quarter to settle at 4.1%.

    Q3 rents surged 6.1% following 8.5% spike in Q2. Year-over-Year, rents are up 21.5% and ended the quarter at $1,053/month.

    Property sales also saw significant gains, increasing 20% over Q2. Prices are up year-to-date, reaching a Q3 average of $97,300/unit. The average CAP rate is 5%.

    So far in 2021, the development sector has delivered 1,325 new units to market. A nearly equal number, 1,346, is under construction. (Source)

    apartments/condos cap rate market report multifamily Northmarq Q3 2021 Greater Tucson Multifamily Report rent increase rent rate rents trends units delivered units under construction vacancy rate
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