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 with the highest average rent increases over 2011 in South Scottsdale (+3.5%), West Mesa (+3.0%) and N. Scottsdale/Fountain Hills (+2.7%).  The highest monthly average rents were reported from the class “A” communities in North Scottsdale ($1,021) and South Tempe/Ahwatukee ($903).