Residential Multifamily Market Trends in Greater Phoenix
The previous post dealt with only fourplexes. This post deals with all residential multifamily resales in Greater Phoenix. This would include duplexes, triplexes as well at the fourplexes talked about in the previous post.
(Total Sales of Duplexes, Triplexes and Fourplexes)
While the fourplex sales were very low, total sales of residential multifamily properties held steady and within the recent trends which are down. 15 total sales is below the 24 last month.
Below is a list of all the properties that sold in June 2008. Listed is the address, units in each property, list price (LP) and sales price (SP).
(Residential Multifamily Sales)
June 2008 Fourplex Resale Data for Greater Phoenix.
Phoenix Small Multifamily Properties For Sale.
« Greater Phoenix Fourplex Sales Update for June 2008 | Home | The Cap Rate | Phoenix Real Estate Investment Fundamentals »
-
Categories
-
Recent Posts
Archives
Comments
Dear Sir/ Madam,
I would be very grateful if you could let me know if RENTAL prices in PHOENIX increased, decreased or remained stable over the past 12 months? Has anything in particular happened to affect rental prices?
Many thanks in advance for your invaluable help with this.
Kind regards,
Patrycja Pajak
Mercer Human Resource Consulting
Al. Jerozolimskie 92
00-807 Warsaw, Poland
Email: patrycja.pajak@mercer.com
Patrycja,
In general rental rates have decreased over the last 12 months to varying degree depending on the sub market in Greater Phoenix. The decrease is due, not to less demand but due to an increase in inventory.
The increased inventory is a result of less access to financing in the buy market. Simply put, the people who cannot sell their homes are renting them and this has driven rental prices down enough to even compete with some apartment rental segments.
In addition the apartment rental market has been influenced by the employers sanction law which went into effect January 1st 2008. It dictates that employers cannot knowingly hire illegal immigrants. The result is that many of these workers left the state and left apartments – especially the C class – vacant.