Apartment Market Remains Healthy in Phoenix

PHOENIX-Even with strong development during 2000 a record number of apartment units were absorbed in the Valley, which pushed the overall occupancy rate to 95.5%, according to a new survey.

Renters in the Valley absorbed 12,860 new apartment units during last year, including more than 4,300 units in the fourth quarter.

The overall occupancy rate increased during 2000, even with the introduction of 9,456 new apartment units that came onto the market. There had been concerns that overbuilding and lessened demand would push rates lower, but instead apartment occupancy climbed 1.7% for year-end 1999 to year-end 2000, reaching 95.5%.