Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Strong employment gains and fierce competition for single-family homes has fueled demand for rental properties here that will persist well into the new year, according to a fourth-quarter apartment market report by Marcus & Millichap. Companies are hiring at a brisk pace, causing the unemployment rate to fall to 7.4%, a 120-basis point improvement from the beginning of the year.

The report shows a 2.9% increase in total employment, with more than 50,000 new jobs created this year and 28,600 positions added to the metro. As a result, median household income here increased by 4% during the last year, and some households are putting their homes up for sale in a manner not seen since before the recession.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.