Hey Folks, I was reading over the Tucson multifamily and rental market statistics this morning and wanted to get your thoughts on this.
There are currently nine large apartment complexes expected to deliver their units to the market within the next 12 months with the first opening their doors in the 3rd quarter of 2019. In total it is going to be 1,734 units which will be 2.3% of the current market. Because of this unit delivery, five more apartment builds coming after these, and just the general development across Arizona and the United States rental rates have been and will continue to stabilize. Year over year rental rates have dropped from a high of 5.25% in 2017 to 3.25% so far this year. Over the next three years those growth rates are expected to hit 1% year over year. In a shifting market how are you planning to invest in RE? We all know the most money is made in down markets and this shift may be the perfect fluctuation to boost your portfolio if you can take advantage.
Also, I want to set up a RE Investor monthly coffee or breakfast in Tucson. If you are interested shoot me a message. Once I figure out a headcount, location and date I can send you an invitation.