“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 “
Also Call me if you need an estimated value of your Property. Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
REAL ESTATE | 15 May | AZRE
Apartment resident retention is at an all-time high, and renters in some markets are paying a premium to stay put.
In 1st quarter 2019, 53.1% of U.S. apartment renters with expiring leases chose to renew rather than move out. Nationally, the average rent increase in the renewed lease was 4.6%. But several individual markets are seeing increases above 5%.
At the top of the list are No. 1 Las Vegas — with 6.4% renewal rent growth — and No. 2 Phoenix — only slightly behind with 6.3% renewal rent growth. The fact that these two markets are seeing the highest renewal rent growth isn’t necessarily surprisingly, as they also lead for new-lease rent growth.
Las Vegas recorded the nation’s strongest showing in 1st quarter, with renewal rent growth at 6.4%, the biggest increase this market has seen in at least a decade. Renewal conversions also reached a high point in early 2019 at 54.5%, despite such strong rent growth for those staying in their lease. While new-lease rent growth in Las Vegas is also elevated at 8% annually in 1st quarter 2019, prices have grown only 27% in total this cycle, which ranks among the lowest upturns across the largest 50 markets since 2010 and keeps effective rental rates relatively affordable on a national scale.
Renewal rent growth in Phoenix is strong at 6.3%, well ahead of the five-year average. While gains have been strong recently, peak renewal rent growth for this market hit in 2006 at nearly 10%. Renewal conversions have also been steadily increasing and peaked at 50% in 1st quarter 2019. This market was also a new-lease rent growth leader during the current cycle. The 8.1% annual increase in 1st quarter took total rent change over the past nine years to more than 40%. The progress Phoenix has made recently is especially impressive given the heavy volumes of supply received in the current cycle.
At #3 for renewal rent growth is perhaps a surprise – Virginia Beach. For this market, this is a sizable figure – one that the market has seen for two quarters in a row now. Before that, renewal rent growth was much lower, lingering between 3% and 4% for most of the past decade. Renewal conversions here are also strong at 55.6%, but the climb to that point was more gradual. Success in renewal rates and pricing is significant for Virginia Beach, a slow-growth market with a federal government-based economy and strong competition from single-family homes. New-lease rent growth here only amounted to 2.3% in the past year.
Renewal rent growth near 6% in Raleigh/Durham is about in line with what this market has seen for much of the past seven years. Renewal rates here have seen a slow and steady incline, landing at 51%. While not surprising, given the strong economic footing supporting this market, a national leadership role for Raleigh/Durham is expressly noteworthy, given how much apartment construction activity this area has seen during the current economic cycle.
Charlotte and San Francisco both recorded renewal rent growth of 5.4% in early 2019. Both were among the nation’s top construction markets over the course of the cycle, and both have experienced strong population and employment growth in recent years. Renewal conversion rates in Charlotte are a bit softer than the other markets on this list, at just 49.7%, but renewal rent growth has remained steadily at or above the 5% mark for much of the past three years.
In San Francisco, renewal rent growth has jumped recently, with the recent 5.4% increase up 108 basis points from a year ago. That’s the largest year-over-year increase nationally. At the same time, renewal conversion rates have also been climbing, landing at 55.8% in early 2019.
SEE IT ALL: https://azbigmedia.com/where-does-phoenix-rank-for-lease-renewal-rent-growth/
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 – Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net CLICK HERE TO VIEW ALL MY LISTINGS
WEEKLY LAND SALES
WEEKLY LAND CLOSING UPDATE / May 10, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / May 3, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / APRIL 26, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / APRIL 19, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / APRIL 12, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / APRIL 5, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / MARCH 29, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / MARCH 22, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / MARCH 15, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / MARCH 8, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY LAND CLOSING UPDATE / MARCH 1, 2019 / Phoenix Arizona Metro, Maricopa County, Pinal County.
WEEKLY INDUSTRIAL SALES
WEEKLY APARTMENT SALES
WEEKLY APARTMENT CLOSING UPDATE THROUGH May 10, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH May 3, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 26, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 12, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH April 5, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 29, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 15, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 8, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH March 1, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 8, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH February 1, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 25, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 18, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 11, 2019, Phoenix Arizona Metro.
WEEKLY APARTMENT CLOSING UPDATE THROUGH January 4, 2019, Phoenix Arizona Metro.
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
CELL: 520-975-5207
Direct: 602-759-1209
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“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 INDUSTRIAL / OFFICE OR RETAIL BUILDING OR YOUR LAND in Phoenix, Maricopa County and Pinal County, Arizona, please call me. Office: 602-445-4113, Direct : 602-759-1209 , cell: 520-975-5207 or email me walterunger@ccim.net. … CLICK HERE TO VIEW ALL MY LISTINGS.
Let me know if you are interested in Apartments: CLICK HERE FOR APARTMENTS FOR SALE
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
History of Arizona from 900 BC – 2017 -Timeline.
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
Direct: 602-759-1209
CELL: 520-975-5207
Office: 602-445-4112
Fax: 602-865-7461
CLICK HERE TO VIEW ALL MY LISTINGS
“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 “
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Direct : 602-759-1209, Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
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
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