The Hotbed of Apartment Activity in Tucson

While Phoenix is getting all of the headlines, other Arizona markets are also seeing population growth and strong apartment demand. Tucson is among the hot markets in Arizona, experiencing population and job growth. As a result, the market is also seeing strong apartment demand and increasing investment activity.

“Multifamily demand in Tucson has been very strong, which has created increased occupancy levels across the market,” Jeff Casper at CBRE multifamily, tells GlobeSt.com. “Tucson’s expanding employment base, specifically in technology and engineering jobs, has helped drive the robust demand for multifamily housing. Additionally, multifamily owners have been investing in the properties to create quality options for area residents.”

In fact, Tucson is comparable to Phoenix in terms of market growth. “Phoenix and Tucson were two of the top markets in the country for rent growth in 2019,” Asher Gunter, a broker at CBRE multifamily, says.  “Both metros are seeing diversified job growth, population growth and heavy in-migration from other states due to their quality of life and relative affordability.”