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Phoenix leads the country in rent growth

The cities of Arizona are at the summit again. The country with the growth of a single-family house. Not only did the Phoenix real estate market recover from the COVID-19 crisis, but demand grew. Phoenix was a hot real estate market in July and August, which means that there were almost more offers to rent than new homes. Housing demand has dramatically exceeded production.

This also means that the business market is very dynamic and competitive. The overall rate of growth in real estate is two digits. In July, the median share price rose about 3 percent a month which makes it about a 12 percent increase in the last 12 months. According to ARMLS, sales started to occur in June and then more frequently in July.

Phoenix is expected to maintain its position as a leading market in the development of leases, regardless of the anticipated rise in leases over the next four years. The perception of the Phoenix multifamily market is essentially perfect. In the next few years, two headwinds bear on the creation of buildings and the anticipated U.S. monetary slowdown. Despite the expected decline in the development of leases, CoStar’s study forecasts that Phoenix will remain the top market for the development of leases over the next four years.