Colliers International Q1 2016 Tucson Metro Area Multifamily Report
The Tucson multifamily market had a strong start to 2016. Vacancies tightened considerably, rents spiked and sales activity accelerated. Vacancy ended the first quarter at 6.8 percent, an improvement of 100 basis points from the end of 2015. The current vacancy rate is the lowest of any quarter since early 2007 and 170 basis points lower than one year ago.
Rental rates are on the rise; asking rents spiked 1.8 percent in the first quarter and are up 4 percent from one year ago. Sales velocity gained momentum in the first quarter, spiking by more than 35 percent. The median price rose more than 35 percent from the median price in 2015.