In the 4th quarter, there were 79 regular apartment sales (10+ units), a significant increase over recent quarters. In addition, there were five portfolio sales of two or more properties. This last quarter saw over half-billion in sales ($509,574,300) with 8,337 total units. There were 29 communities sold with more than [...]
For the past three years, the number of permits for new apartment construction averaged about 1,000/yr. Over the past ten years, the average was 3,840/yr. As of the 4th quarter of this year, the number of permits jumped to more than 10,000 for the year with many projects already breaking ground. Both ASU [...]
For the larger (100+ unit size) apartments, vacancy rates dropped across the Valley from 6.4% in the 3rd quarter to 6.3% in the 4th. This was the 12th continuous quarterly drop in vacancy rates for 100+ unit apartments - from a high at the end of 2009. Rental rates continued to escalate [...]