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)