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Tucson, Phoenix rank among Top 25 hottest rental markets in U.S.

Wednesday, May 5, 2021   /   by Adam Donaldson

Tucson, Phoenix rank among Top 25 hottest rental markets in U.S.

Article originally posted on azbigmedia.com on May 5th, 2021

Following
 one of the most disruptive periods of our times, at the start of 2021, the hottest U.S. rental markets and most in demand locations for renters were certainly not the ones you would expect.

“The largest markets and surrounding exurbs show renters are distinctly looking to get more square footage or more amenities for the same price, within these hubs and close to them. Residents from large gateway markets are “trading up”, and with work-from-home policies, exurb locations close to these areas are also benefitting from this behavior.” says Doug Ressler, manager of business intelligence at Yardi Matrix.

Phoenix, AZ, also made it to the hottest rental markets ranking, with a competitive score of 39.5. The Arizona job hub’s rapid growth has attracted an increasing number of renters from surrounding states over the past few years. Most recently, the market’s rising tech sector has prompted a new nickname for the area, the Silicon desert, while the local economy weathered the pandemic better than in other large markets.

 Rank    Market   Competitive Score Average Vacancy Days Occupied Apartments Prospective Renters
Rent Trend Score
15      Tucson 30          31          96%         14 75.33
22     Phoenix 39               33       96%         19 61.67

Click on the link below to see the full article and rankings: 
Link