Apartment News a monthly newspaper from the AZAMA.org reports that multifamily vacancies are at record levels and that rent gains are moderate.  While this report is mostly about largercommunities the affects are felt by smaller property owners as well.
Vacancies stand at 11.5% for the first quarter of 2008, up from 9.6% the first quarter of 2007. 
The AMA reports that “the North Central Phoenix sub-market experienced the highest rate of rental growth since the first quarter 2007…” 
Here are a few or my own observations not based on serious number crunching but dirty in the field work on our own properties and discussions with our clients who have anassortment of property size types ranging from fourplexes to mid sized apartment communities.
In Central and North Central Phoenix rents have held steady with an increase of 4% in rents over 2007 for better located properties while the rate stayed flat for properties of worse, lesscompetitive condition.  None of the 27 people I spoke with had given any concessions.
We gave a small concession to a tenant.  Most apartments lease within 2-4 weeks but some lease immediately.  Houses lease quickly as well, when pricedcompetitively.  Just driving around on a daily basis we see signs going up and quickly coming down; more quickly then last year or even 2006. 
Lease rates in other areas such as Scottsdale, Glendale, North Phoenix have held steady for the last several years.  In essence, adjusted for inflation rental rates for houses are down from 2005, 2006 even though the amount is equal. 
This will probably continue for the coming 2 quarters.

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