November 18, 2007

The multi-family market in Greater Phoenix is set for strong growth.

It's a great time to invest in aparment complexes in the Phoenix valley.

"This is a good time to invest in multi-family properties in Greater Phoenix, before the market turns up again."

— Artur Ciesielski, CCIM

A recent article, "Blue Skies Ahead?" in AZRE 11/12 07, purports that the multifamily market in Greater Phoenix is in need of additional units, and the market will be strong in 2008 and for several years ahead.
The demand for rental housing has increased as a result of the increased median home prices in the Phoenix valley, the influx of new residents and jobs, and the need to replace old inventory.
The report focuses on 100+ unit communities but, I believe the smaller complexes as well as fourplex and triplex owners will see increased rents as rents in the larger complexes inches higher and the home prices continue to stay high.
Investors of small apartment communities should consider location as major factor in deciding where to buy. The light rail, which will be start running in the end of 2008, will be a boom to all real estate along its route in Phoenix and Tempe.
This is a good time to invest in multi-family properties in Greater Phoenix, before the market turns up again. By making the purchase now, you will not only secure a good price but a good interest rate which will put you in a strong position in the years ahead.