VALUED INSIGHTS

Invaluable Valuation Knowledge for the Real Estate Stakeholder

SERIES:
Multifamily Market Updates 2024
MARKET:
  1. Albuquerque MSA | NM
    2024  Q2 | Q3 | Q4
  2. Chicago MSA | IL
    2024  Q2 | Q3 | Q4
  3. Dallas MSA | TX
    2024  Q2 | Q3 | Q4
  4. Denver MSA | CO
    2024  Q2 | Q3 | Q4
  5. Flagstaff MSA | AZ
    2024  Q2 | Q3 | Q4
  6. Houston MSA | TX
    2024  Q2 | Q3 | Q4
  7. Las Vegas MSA | NV
    2024  Q2 | Q3 | Q4
  8. Los Angeles MSA | CA
    2024  Q2 | Q3 | Q4
  9. Orange County MSA | CA
    2024  Q2 | Q3 | Q4
  10. Phoenix MSA | AZ
    2024  Q2 | Q3 | Q4
  11. San Diego MSA | CA
    2024  Q2 | Q3 | Q4
  12. Tucson MSA | AZ
    2024  Q2 | Q3 | Q4
SERIES:
Multifamily Market Updates 2024
MARKET:

Phoenix MSA | AZ

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Author: Jason D. Beakley, Certified General Appraiser
Published: October 7, 2024

Population Trends
Supply
Demand
Population5,070,110
Total Housholds1,890,835
Percentage of Households in Income Band67.7%
Income Qualified Housholds Income Band1,280,568
Propensity of Renter Occupied Housing In Market Area With Income Brand34%
Existing Competetive Supply435,393
Under Construction / Proposed Units43,539
Total Projected Supply478,932
Income qualified Households (Current Demand)396,921
Plus Friction Vacancy @ 10%28,536
Total potential demand for units in Defined Income Brand425,457
Residual Demand53,475
Indicated Penetration Rate88.8%

Data sourced by Crexi, CoStar & US Census Bureau

Bruce D. Grennberg
FRICS | MAI | SRA | ASA | ARM
Managin Director | Principal
+1-480-440-2842 EXT. 01
Jason D. Beakley
CERTIFIED GENERAL APPRAISER
Director
+1-480-440-2842 EXT. 09