(To read more on the multifamily market, click here.)
PHOENIX-The buzz on multifamily product has focused on condoconversions, with developers snapping up existing complexes and rawland to develop for-sale units. The two-year condo craze, coupledwith job and population growth, is leading to increasing apartmentrents and higher than usual occupancies.
Local experts tell GlobeSt.com to expect more of the same in theforeseeable future. "The rental market has tightened unbelievablyand concessions have gone away across all classes of building,"says Cindy Cooke with Colliers International Inc. in Phoenix."We're looking at high occupancies across the Valley and willcontinue to do so."
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