“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME.
Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
COMMERCIAL REAL ESTATE | AZRE I November 1 2018
The nation’s apartment market saw a reversal in rent growth trends in 3rd quarter 2018, as previously slowing price positioning suddenly rose again. While nearly all top 50 markets picked up some momentum in recent months, a handful progressed at an especially solid pace, according to RealPage, the leading global provider of software and data analytics to the real estate industry.
U.S. apartment rental rates climbed 3.0% year-over-year as of 3rd quarter, notably above the 2.5% increase from 2nd quarter. This was the first time in roughly four years that rent growth momentum took such a significant upward turn of 50 basis points (bps) or more.
In Phoenix, there was 6.3% rent growth year-over year in the 3rd quarter 2018.
Among the nation’s 50 largest markets, Austin logged the most improvement recently, with rental rates going from essentially flat in 2nd quarter to growth of 2.6% in 3rd quarter – an increase of 200 bps. In fact, this was Austin’s heartiest price increase in two years, following a period of rent growth draught that lasted for five consecutive quarters. All product classes logged positive momentum in recent months, though the Class B and C units recorded more significant boosts after several quarters of flat prices or rent cuts.
Most submarkets across Austin also logged at least some progress, though Northwest Austin and Pflugerville made the greatest headway, after recording some of the market’s steepest rent cuts in 2nd quarter. Meanwhile, Austin’s urban core, which is already very expensive compared to the suburban submarkets, is back to being the Texas capital’s rent growth leader, with a year-over-year hike of 5.1%, though that growth is only marginally above the increase logged in downtown in mid-2018.
Meanwhile, Phoenix rents climbed 6.3% year-over-year, following a more moderate increase of 4.8% in 2nd quarter. This annual performance ranked third best among the nation’s largest markets and came in well ahead of the 4% average price increase Phoenix has seen throughout the current economic cycle. All product lines recorded notable upturns between mid- and fall 2018 performances. But the standout was the Class A stock, which built upon the already strong price increases this product line has seen recently, despite record competition levels. Submarkets where rent growth jumped significantly in 3rd quarter included East Mesa, South Phoenix and Deer Valley.
San Jose went from rent growth of 3.9% in 2nd quarter to an increase of 4.9% in 3rd quarter. This was the market’s strongest annual rent hike since early 2016, before pricing power all but disappeared for a few years. The 3rd quarter showing also ranked San Jose at #5 for annual rent growth among the nation’s 50 largest markets. While the Class A stock in San Jose – some of the most expensive product in the country – saw rent growth soften recently, the Class B and C units logged considerable upward momentum.
North San Jose/Milpitas and East San Jose were the San Jose submarkets that logged the biggest upturn in rents in recent months. While Class C stock was the clear winner in these neighborhoods, Class A product also saw a notable upturn in North San Jose/Milpitas, where both apartment supply and demand have been considerable during the current cycle.
After registering an essentially flat rent performance in 2nd quarter, Chicago made notable improvement in 3rd quarter, with annual price growth swelling to 1.3% – an increase of 100 bps. While this remains one of the poorest year-over-year showings among the top 50 markets, the new progress marks a hopeful change following eight consecutive quarters of price softening in Chicago.
All product segments in the Windy City recorded price bumps in 3rd quarter, but the Class A stock saw the most impressive movement, especially in Bronzeville/Hyde Park/South Shore, Streeterville/River North and The Loop, which were also the submarket-level leaders for rent growth upturns. This is quite a change for Chicago’s Class A product line, which had been struggling in the face of big supply volumes in the past year or so.
Annual rent growth in Washington, DC was at 1.1% in 2nd quarter but climbed to 2% in 3rd quarter. It’s been more than two years since price increases here hit the 2% mark. Still, like Chicago, Washington, DC’s year-over-year showing remains near the bottom of the performance spectrum across the 50 largest metros. Additionally, when looking at the U.S. capital’s pricing performance during the current economic cycle, the market has registered one of the slowest growth rates in the nation.
The upturn in rent growth between 2nd quarter and 3rd quarter was relatively balanced across all product classes in DC, but the Class A stock, which has faced stiff competition recently, has made the most improvement over the past few years. Loudoun County, Suitland/District Heights/Capitol Heights and Central DC made the most progress between 2nd quarter and 3rd quarter. In Loudoun County and Central DC, rents went from essentially flat or falling at mid-year to moderate upturns by fall 2018. In Suitland/District Heights/Capitol Heights, however the mid-year performance was already strong, but got even stronger in the past few months. Year-over-year rent change was at 6% in 3rd quarter in this neighborhood, the best rate seen across Washington, DC.
SEE IT ALL: https://azbigmedia.com/phoenix-apartment-market-bumps-its-rent-growth-in-q3/
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME.
Office / Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
This map has many lawyers. It was created by the ACA. Just in case you don’t know of it already.
History of Arizona from 900 BC – 2017 -Timeline.
FROM ME:
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
PLEASE CALL ME – Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net
“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA, CLICK HERE AND PLEASE CALL ME.
Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. …. VIEW ALL OF WALTERS LISTINGS. Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
WEEKLY APARTMENT CLOSING UPDATE THROUGH October 26, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH October 19, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH October 12, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH October 5, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 28, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 21, 2018, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH September 14, 2018, Phoenix Arizona Metro.
This map has many lawyers. It was created by the ACA. Just in case you don’t know of it already.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Office: 602-445-4112
Direct: 602-759-1209
Cell: 520-975-5207
Fax: 602-865-7461
8 Reasons You Should Invest in Land
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION
ARIZONA FACTS – YEAR 1848 TO 2013
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017
LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17
Reasons to Consider me for Commercial Referrals – I have the Knowledge and Experience
Click here to View My Listings and Profile
Click here to find out what is a CCIM:
Click here to view my website:
Click her to join my mailing list :
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
Office: 602-445-4112
Direct: 602-759-1209
Cell: 520-975-5207
Fax: 602-865-7461
Check out my professional profile and connect with me on LinkedIn.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Reasons to Consider me for Commercial Referrals
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