Apartment-Condo Investment Property Market

Apartment-Condo Investment Property Market
‘Bright Spot’ in Tucson

The apartment and condo investment market in Tucson showed big improvements in the first quarter, the National Association of Home Builders reports. NAHB’s latest Multifamily Production Index, which measures builder and developer sentiment over the multi-family markets in Tucson AZ, reached its highest reading since the third quarter of 2005.

This marks the seventh-consecutive quarter the index has posted gains in Tucson, AZ.

“In spite of continuing difficulties in the capital markets, it appears that new construction is underway,” says W. Dean Henry, chairman of NAHB’s Multifamily Leadership Board. “This is certain to help satisfy some of the pent-up demand that has occurred over the past several years.”

Vacancies in multifamily housing remains at low levels in Tucson, according to the index.

“Apartment and Condo facility construction continues to be a bright spot in the overall housing market,” says David Crowe, NAHB’s chief economist. “However, as indicated by the [index], demand for apartments is now quite high, and production is still very low in a historic context and in the context of what we project is necessary to meet long-term demand.”

Jeff Utsch, Realtor
JeffUtsch@MyOwnArizona.com
www.MyOwnArizona.com
(520) 822-6575