FEBRUARY 2020
PHOENIX
MARKET LEADERS 1
arizona leading the nation
4.82M Population: 4.82M Phoenix MSA 66% of State’s Population and 73% of Employment
2
FASTEST GROWING
#1 WAGE GROWTH
Maricopa County - fastest growing county in U.S. 2016, 2017, 2018
AZ: #1 in U.S. for small business wage growth, up 5.14%
#3 FOR GDP
$83,000
Arizona: #3 for GDP Growth (2018)
2018 Average Household Income $83,000
522,000
TOP 20
Phoenix MSA: 522k New Jobs in last 10 Years
Phoenix MSA has three Top-20 cities in US to find a job Scottsdale #1, Chandler #10, Tempe #14
#4 JOB GROWTH
TOP 10
Phoenix MSA: New Job Growth in U.S. #4 in 2018 and #5 in 2017
Phoenix MSA among Top 10 Tech Employment Markets in U.S.
#2 INCOME
ASU #1
AZ: #2 for Personal Income Growth (2018-19)
ASU (111,000 students) ranked #1 as ‘Most Innovative School’ for 4th consecutive year
Sources: Census, Bureau of Economic Analysis, Bureau of Labor, US News & World Report
Phoenix MSA Leading the Nation in New Job Growth
TOP 5
396K
For Job Growth Since 2017
New Jobs Added Since 2015
Greater Phoenix continues to remain in the Top 5 metros for job creation in the country. During the 12-month
Phoenix MSA Employment
period ending in December, preliminary estimates show that employers added 68,800 net new jobs, an increase of 3.2% and well ahead of the 62,500-average increase
Jobs Gained
80,000
Annual Change
4.0%
over the first half of 2019. Over the last 10 years (2009 to 2019), all 51 metropolitan
5.7% to 43.1%. Over the 10-year period, the Phoenix Metro ranked #10 for total employment growth, rising 29.7%, ahead of Salt Lake City (29.5%), San Antonio (29.4%), Denver (29%), Las Vegas (27.5%), Seattle (26.9%), Atlanta (26.3%) and Houston (26.3%). In the last 5-years, Phoenix was #4 in overall job growth rising 16.7%, ahead of such notable metros as Nashville
3.5%
60,000
3.0%
50,000
2.5%
40,000
2.0%
30,000
1.5%
20,000
1.0%
10,000
0.5%
Year-over-Year Change
more had nonfarm employment gains, ranging from
Net Employment Change
areas with a 2010 Census population of 1 million or
70,000
(16.3%), Las Vegas (16.2%), Dallas (15.2%), San Francisco (14.7%) and Denver (12.4%).
0.0%
0 2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
3
The increase in high paying jobs has caused developers to exceed their original rental projections.
Income growth Arizona Ranks 2nd for
Since 2010, there have been 105,938 new households with income in excess of $75,000 and the Phoenix MSA Average Household Income has increased 11.7% to $83,970. These figures are forecasted to grow an additional 22% by 2023
New Households Added 120,000
100,000
80,000
60,000
40,000
with an Average Household Income of $102,408.
20,000
0
4
$75,000 to $99,999
$100,000 to $124,999
$125,000 to $149,999
2018
2023
$150,000 to $199,999
$200,000+
Source: Magnify Maps
Personal Income Growth
Multifamily Housing Demand Chart
Phoenix’s apartment unit deficit is expected to hit +/- 32,000 units by 2020/21. Why? •
#1 Occupancy rates for the Phoenix area as of YE 2019 was 95.2% and marks the 32nd consecutive quarter occupancy
PHOENIX MSA MULTIFAMILY TOTAL MF HOUSING DEMAND VS. DELIVERIES P h o e n i x M S A M u l t i fa m i l y 2010 - 2020 Total MF Housing Demand v Deliveries
has been above the 20-year average. •
#2 Population Growth: Maricopa County was fastest growing county in the nation for 3rd year in-a-row (2016/17/18); with a little over 4.7 million people, the Phoenix Metro is set to become the 10th largest metropolitan area in the U.S. as of
UNIT DEMAND (Estimated)
UNIT DELIVERIES (Estimated)
the 2020 Census and its population is expected to nearly
120000
110,272 UNITS DEMAND
100000
double in the next two decades. •
#3 Job Growth: as of YE 2019 was 3.2% which places Greater Phoenix in the Top 5 among the top-36 major employment markets in the country for new job growth. In
80000
77,367 UNITS DELIVERIES
the last 5-years, Phoenix was #4 in overall job growth rising 16.7%, ahead of such notable metros as Nashville (16.3%), Las Vegas (16.2%), Dallas (15.2%), San Francisco (14.7%)
60000
and Denver (12.4%). 40000
8.8% Year Over Year Rent Growth 6% Three Year Average Rent Growth
20000
0 2010
2020
Apartment Housing Demand Assumptions: EXPECTED UNIT DEFICIT = 32,905 UNITS
(1) Population from ADOA (2015-2050) (2) Persons per HH (Census, Avg. 2010-17): 2.75 (3) Occupancy (Avg. 2010-18): 93.9% (currently 95%+)
Phoenix MSA continues to lead the nation in rent growth, rising 9% y/y to $1,185, still
(4) Rentership (Census, Avg. 2010-17): 38.0%
well below national average rent of $1,415. More than 8,700 units came online during
(5) Deliveries based on projects currently under construction/
2019. Given the current construction rate, 2020 should prove to be the highest delivery amount since 2009’s 9,315-units. There are approximately 16,200 units currently under construction throughout Greater Phoenix and marked the 23rd consecutive quarter where the number of units under construction was above 10,000.
planned (6) Unit Demand Calculation: (Pop1-Pop2)/Persons per HH)*Rentership Avg)*Occ Avg. 5
top economic job announcements Voya Financial to make its permanent metro Phoenix home in Chandler, hiring 1,000+ Voya’s new 151,000-square-foot facility is located on Price Road near Germann Road. The Fortune 500 company, which helps people plan for retirement, also has about 200 workers at a Scottsdale office that will continue to operate. The new offices will house employees in Voya’s retirement, employee benefits and claim administration groups, plus human resources. California finance company, Freedom Financial, to hire 1,000 in newly expanded Tempe operations Of the company’s total 2,300 employee base, some 2,125 are in Tempe. The company needs technology workers include software engineers, information technology specialists as well as product management positions. Salaries for those technology workers range from $80,000 to more than $100,000. A Major Bioscience Hub Is Emerging in Phoenix - $3.5B in capital investment planned over next 2 years The most significant projects include a $600 million extension of the Mayo Clinic Phoenix campus, which will double in size; a $900 million teaching hospital by the Maricopa Integrated Healthcare System; and 1 million square foot Wexford Bioscience and Technology campus, which recently broke ground. In addition, there is also a $150 million Creighton University Medical School. SkyBridge development launches PHX East Valley into the stratosphere, expected to bring 12,000 new jobs within 10 years SkyBridge Arizona is a 360-acre, long-term development at Phoenix-Mesa Gateway Airport that will allow U.S. Customs and Border Protection and Mexican Customs officers to work side by side to jointly inspect and process shipments in preparation for international transit. 6
Waymo says it will hire hundreds for new East Valley facility near Broadway & Dobson in Mesa Waymo, Google’s self-driving car project, plans to more than double its presence in the Valley by opening a new service center in Mesa. The Mesa facility is expected to employ hundreds more local employees, as well as servicing and maintaining its fleet of Waymo One cars. Metro Phoenix gets new public company with edtech firm’s Bridgepoint Education, now Zovio, move, bringing 600 jobs Bridgepoint Education Inc., an education technology services company, is moving its San Diego headquarters to Chandler and at the same time changing its name to Zovio Inc. San Francisco-based Online Resale Marketplace, thredUP, chooses Greater Phoenix to open Latest Distribution Center, adding 500 tech-warehouse jobs The world’s largest online marketplace to buy and sell secondhand women’s and kids’ clothing, thredUP, opened a new distribution center and office in Phoenix. The 120,000 square foot space located in Phoenix at 7775 W. Buckeye Rd. will provide up to 500 new jobs. Nike plans massive West Valley shoe manufacturing plant, hiring 500+ Nike subsidiary Air Manufacturing Innovation, the maker of Nike Air shoes, plans to open a multimillion-dollar facility in Goodyear, which will employ at least 505 people in full-time manufacturing roles. Global tech firm, Infosys, opens innovation hub at SkySong, plans to hire 1,000 Infosys Ltd., a digital technology and consulting services firm with global operations, opened a temporary Digital Technology and Innovation Center at SkySong on Friday, with plans to hire more than 1,000 employees by 2023 after it relocates to a permanent space. Deloitte announces 100,000-square-foot expansion in Gilbert, hiring 900 Deloitte moved into the first 100,000-square-foot building at 310 E. Rivulon Blvd. in late 2018 and will now be expanding their footprint to occupy another 100,000-square-foot building at 300 E. Rivulon Blvd. in early 2020. With this addition, Deloitte will fully occupy two of the four buildings that comprise The Commons at Rivulon. Farmers Insurance’s 943-job Phoenix expansion plans at I-17 and Happy Valley Farmers Insurance has an operations center off Interstate 17 near Happy Valley Road. The company want to expand its 150,000 square foot footprint there by another 150,000 square feet and add 943 jobs between 2019 and 2023.
7
highest property rents STABILIZED | GREATER PHOENIX
8
OCCUPANCY
CONCESSIONS
1-MILE HH INCOME
RENT/HH INCOME
$2.97
97%
None
$114,920
29%
$2,092
$2.46
96%
2 Weeks
$110,725
23%
853
$2,274
$2.67
97%
None
$113,642
24%
2014
963
$2,189
$2.27
96%
None
$50,115
52%
369
2015
951
$2,272
$2.39
96%
2 Weeks
$130,380
21%
Downtown Scottsdale
592
2013
1,039
$2,523
$2.43
92%
None
$137,067
22%
Standard
Downtown Scottsdale
134
2016
841
$2,013
$2.39
98%
None
$97,356
25%
8
West 6th
North Tempe
375
2011
1,025
$2,180
$2.13
96%
Up to 4 Weeks
$62,125
42%
9
SALT
North Tempe
265
2017
1,009
$2,058
$2.03
94%
None
$65,212
38%
940
$2,261
$2.41
96%
$97,949
31%
PROPERTY
ADDRESS
UNITS YEAR AVG SF AVG RENT RENT/SF
1
7160 Optima Kierland
North Scottsdale
150
2017
926
$2,751
2
Broadstone @ Quarter
North Scottsdale
275
2015
850
3
Broadstone Waterfront
Downtown Scottsdale
259
2015
4
CityScape
Downtown Phoenix
224
5
The Moderne
Downtown Scottsdale
6
Optima Sonoran Village
7
LEASE UP | GREATER PHOENIX PROPERTY
ADDRESS
UNITS YEAR AVG SF AVG RENT RENT/SF
OCCUPANCY
CONCESSIONS
1-MILE HH INCOME
RENT/HH INCOME
10 The Angela
Phoenix
253
2019
963
$2,603
$2.70
22%
2 Weeks
$91,414
34%
11
North Scottsdale
170
2018
926
$2,555
$2.76
44%
8 Weeks
$110,562
28%
12 Vitri
North Scottsdale
300
2020
926
$2,547
$2.75
20%
Up to 4 Weeks
$112,721
27%
13 District at Scottsdale
North Scottsdale
332
2019
922
$2,242
$2.43
65%
Up to 8 Weeks
$119,050
23%
14 Link PHX
Phoenix
257
2020
720
$2,082
$2.89
36%
8 Weeks
$57,843
43%
15 The Stewart
Downtown Phoenix
312
2019
808
$2,069
$2.56
49%
6 Weeks
$61,605
40%
16 Halsten @ Chauncey Ln
North Scottsdale
301
2020
862
$1,952
$2.26
51%
6 Weeks
$85,525
27%
17
North Tempe
286
2019
740
$1,928
$2.61
85%
6 Weeks
$61,867
37%
858
$2,247
$2.62
47%
$87,573
32%
Overture Kierland (55+)
The Local
UNDER CONSTRUCTION | GREATER PHOENIX PROPERTY
ADDRESS
UNITS YEAR AVG SF
AVG RENT
RENT/SF
OCCUPANCY
CONCESSIONS
1-MILE HH INCOME
RENT/HH INCOME
18 The Ryan
Phoenix
253
2020
936
$2,373
$2.54
Preleasing
8 Weeks
$48,204
59%
19 The Cameron
Tempe
349
2020
889
$1,924
$2.16
Preleasing
8 Weeks
$44,957
51%
*Above rents are projected lease-up and stabilized. Additional details coming.
9
WEIGHTED AVERAGE SUMMARY
LEASE UP
STABILIZED
PROPERTY
RENT/SF
1 BED SF
RENT
RENT/SF
2 BED SF
RENT
RENT/SF
3 BED SF
RENT
RENT/SF
-
-
-
730
$2,173
$2.98
1,096
$3,202
$2.92
1,794
$5,825
$3.25
616
$1,583
$2.57
787
$1,977
$2.51
1,188
$2,752
$2.32
-
-
-
-
-
-
727
$1,939
$2.67
1,068
$2,896
$2.71
-
-
-
682
$1,563
$2.29
863
$1,938
$2.25
1,219
$2,787
$2.29
-
-
-
-
-
-
785
$1,913
$2.44
1,138
$2,673
$2.35
-
-
-
694
$1,822
$2.62
907
$2,215
$2.44
1,279
$2,932
$2.29
1,681
$4,384
$2.61
7160 Optima Kierland
2
Broadstone Scottsdale Quarter
3
Broadstone Waterfront
4
CityScape
5
The Moderne
6
Optima Sonoran Village
7
Standard
-
-
-
669
$1,703
$2.55
1,096
$2,350
$2.14
8
West 6th
486
$1,369
$2.82
672
$1,696
$2.52
1,185
$2,353
$1.99
1,670
$3,458
$2.07
9
SALT
698
$1,586
$2.27
907
$1,863
$2.05
1,175
$2,331
$1.98
1,620
$3,238
$2.00
10 The Angela
593
$1,806
$3.05
770
$2,135
$2.77
1,193
$3,146
$2.64
1,717
$4,279
$2.49
-
-
-
815
$2,151
$2.64
1,117
$3,297
$2.95
-
-
-
541
$1,493
$2.76
782
$2,024
$2.59
1,215
$3,433
$2.83
2,232
$8,995
$4.03
-
-
-
816
$1,892
$2.32
1,283
$2,825
$2.20
-
-
-
14 Link Phx
477
$1,541
$3.23
748
$1,972
$2.64
1,009
$2,912
$2.88
-
-
-
15 The Stewart
530
$1,544
$2.91
810
$1,933
$2.39
1,205
$3,389
$2.81
-
-
-
-
-
-
722
$1,666
$2.31
1,127
$2,494
$2.21
-
-
-
The Local
540
$1,569
$2.90
717
$1,858
$2.59
1,115
$2,682
$2.41
1,563
$3,985
$2.55
15 The Ryan
640
$1,668
$2.61
806
$2,143
$2.66
1,252
$3,026
$2.42
-
-
-
16 The Cameron
567
$1,413
$2.49
740
$1,667
$2.25
1,181
$2,302
$1.95
1,635
$3,701
$2.26
AVERAGE
589
$1,580
$2.68
777
$1,940
$2.50
1,165
$2,831
$2.43
1,739
$4,733
$2.72
11
Overture Kierland (55+)
13 District at Scottsdale
16 Halsten at Chauncey Lane 17 CONSTRUCTION
RENT
1
12 Vitri
10
STUDIO SF
1. 7160 Optima Kierland 2. Broadstone Scottsdale Quarter 3. Broadstone Waterfront 4. CityScape 5. The Moderne 6. Optima Sonoran Village 7. Standard 8. West 6th 9. SALT 10. The Angela 11. Overture Kierland (55+) 12. Vitri 13. District at Scottsdale 14. Link PHX 15. The Stewart 16. Halsten at Chauncey Lane 17. The Local 18. The Ryan 19. The Cameron 11
7160 Optima Kierland
58
Broadstone Scottsdale Quarter
58
Broadstone Waterfront
71
7160 E Kierland Blvd. Scottsdale, AZ
66
15345 North Scottsdale Rd. Scottsdale, AZ
66
7025 E Via Soleri Dr. Scottsdale, AZ
85
7160optima-kierland.com
40
Broadstonescottsdalequarter.com
40
Broadstonewaterfront.com
55
Alliance
DEVELOPER
Optima
DE V E LOPER
Alliance
BUI LT
2017
BU ILT
2015
BUILT
2015
UN I TS
150
U NITS
275
UN ITS
259
10
STO R I ES REVITALIZATION
6
STO R IES
33%
REVITALIZATION
3 & 4
STORIES
33%
REVITALIZATION
48%
1-MILE HH INCOME
$114,920
1-MILE HH INCOME
$110,725
1-MILE HH INCOME
$113,642
RENT/INCOME RATIO
29%
RENT/INCOME RATIO
23%
RENT/INCOME RATIO
24%
OCCUPANCY
97%
OCCUPANCY
96%
OCCUPANCY
97%
CO NC ESS I O N S
12
D EVELOPER
None
Floorplan
SF
Rent
Rent/SF
STUDIOS
N/A
N/A
N/A
1 BED
730
$2,173
2 BED
1,096
3 BED Average
CO NCESSIO NS
2 Weeks
Floorplan
SF
Rent
Rent/SF
STUDIOS
616
$1,583
$2.98
1 BED
787
$3,202
$2.92
2 BED
1,794
$5,825
$3.25
926
$2,751
$ 2.97
CON CESSION S
None
Floorplan
SF
Rent
Rent/SF
$2.57
STUDIOS
616
$1,504
$2.44
$1,977
$2.751
1 BED
727
$1,939
$2.67
1,188
$2,752
$2.32
2 BED
1,068
$2,896
$2.71
3 BED
N/A
N/A
N/A
3 BED
N/A
N/A
N/A
Average
850
$2,092
$2.46
Average
853
$2,274
$2.67
CityScape
95
The Moderne
66
Optima Sonoran Village
81
11 South Central Ave. Phoenix, AZ
77
4848 N Goldwater Blvd. Scottsdale, AZ
61
6895 East Camelback Rd. Scottsdale, AZ
82
Cityscaperesidences.com
65
Themodernescottsdale.com
48
Optimasonoranvillage.com
52
Red Development
DE V E LOPER
D EVELOPER
Optima
DEVELOPER
JLB Partners
BUI LT
2014
BU ILT
2015
BUILT
2013
UNI TS
224
U NITS
369
UN ITS
592
29
STOR I ES REVITALIZATION
4 & 5
STO R IES
64%
REVITALIZATION
11
STORIES
41%
REVITALIZATION
38%
1-MILE HH INCOME
$50,115
1-MILE HH INCOME
$130,380
1-MILE HH INCOME
$137,067
RENT/INCOME RATIO
52%
RENT/INCOME RATIO
21%
RENT/INCOME RATIO
22%
OCCUPANCY
96%
OCCUPANCY
96%
OCCUPANCY
92%
CO NC ESS I O N S
N/A
CO NCESSIO NS
CON CESSION S
None
Floorplan
SF
Rent
Rent/SF
STUDIOS
682
$1,563
1 BED
863
2 BED
2 Weeks
Floorplan
SF
Rent
Rent/SF
Floorplan
SF
Rent
Rent/SF
$2.29
STUDIOS
N/A
N/A
N/A
STUDIOS
694
$1,822
$2.62
$1,938
$2.25
1 BED
785
$1,913
$2.44
1 BED
907
$2,215
$2.44
1,219
$2,787
$2.29
2 BED
1,138
$2,673
$2.35
2 BED
1,279
$2,932
$2.29
3 BED
2,120
$5,100
$2.41
3 BED
N/A
N/A
N/A
3 BED
1,681
$4,384
$2.61
Average
963
$2,189
$ 2.27
Average
951
$2,272
$2.39
Average
1,039
$2,523
$2.43 13
The Standard
75
West 6th
81
SALT
51
6811 E Main St. Scottsdale, AZ
88
1115 West 6th St. Tempe AZ
95
260 E Rio Salado Pkwy. Tempe AZ
64
Experiencethestandard.com
51
West6thtempe.com
70
Salt-tempe.com
68
Trinsic Residential
DE V E LOPER
DEVELOPER
OliverMcMillan
BUI LT
2016
BU ILT
2011
BUILT
2017
UNI TS
134
U NITS
375
UN ITS
265
3
STOR I ES REVITALIZATION
14
Zaremba Group
D EVELOPER
22 & 30
STO R IES
48%
REVITALIZATION
4 & 5
STORIES
44%
REVITALIZATION
55%
1-MILE HH INCOME
$97,356
1-MILE HH INCOME
$62,125
1-MILE HH INCOME
$65,212
RENT/INCOME RATIO
25%
RENT/INCOME RATIO
42%
RENT/INCOME RATIO
38%
OCCUPANCY
98%
OCCUPANCY
96%
OCCUPANCY
94%
CO NC ESS I O N S
None
CO NCESSIO NS
CON CESSION S
None
Floorplan
SF
Rent
Rent/SF
STUDIOS
N/A
N/A
N/A
1 BED
669
$1,703
2 BED
1,096
3 BED Average
Up to 4 Weeks
Floorplan
SF
Rent
Rent/SF
Floorplan
SF
Rent
Rent/SF
STUDIOS
486
$1,369
$2.82
STUDIOS
698
$1,586
$2.27
$2.55
1 BED
672
$1,696
$2.58
1 BED
907
$1,863
$2.05
$2,350
$2.14
2 BED
1,185
$2,353
$1.99
2 BED
1,175
$2,331
$1.98
1,665
$5,430
$3.26
3 BED
1,607
$3,458
$2.07
3 BED
1,620
$3,238
$2.00
841
$2,013
$2.39
Average
1,025
$2,180
$2.13
Average
1,009 $2,058
$2.04
The Angela
51
Overture Kierland
55
Vitri
49
2727 E Camelback Rd. Phoenix, AZ
51
7170 E Tierra Buena Ln. Scottsdale, AZ
71
15125 N Scottsdale Rd. Tempe, AZ
58
Theangelaphoenix.com
50
Liveoverture.com
41
Vitriapartments.com
40
StreetLights Residential
DE V E LOPER
Lennar Multifamily
DEVELOPER
Greystar
D EVELOPER
BUI LT
2019
BU ILT
2018
BUILT
2020
UN I TS
253
U NITS
170
UN ITS
300
5
STO R I ES REVITALIZATION
46%
REVITALIZATION
8
STORIES
5
STO R IES
REVITALIZATION
32%
34%
1-MILE HH INCOME
$91,414
1-MILE HH INCOME
$110,562
1-MILE HH INCOME
$112,721
RENT/INCOME RATIO
34%
RENT/INCOME RATIO
28%
RENT/INCOME RATIO
27%
OCCUPANCY
22%
OCCUPANCY
44%
OCCUPANCY
20%
CO NC ESS I O N S
2 Weeks
Floorplan
SF
Rent
Rent/SF
STUDIOS
593
$1,806
1 BED
770
2 BED
CO NCESSIO NS
CON CESSION S
8 Weeks
Up to 4 Weeks
Floorplan
SF
Rent
Rent/SF
STUDIOS
541
$1,493
$2.76
$2.64
1 BED
782
$2,024
$2.59
$3,297
$2.95
2 BED
1,215
$3,433
$2.83
N/A
N/A
N/A
3 BED
2,232
$8,995
$4.03
926
$2,555
$2.77
$2,547
$2 .75
Floorplan
SF
Rent
Rent/SF
$3.05
STUDIOS
N/A
N/A
N/A
$2,135
$2.77
1 BED
815
$2,151
1,193
$3,146
$2.64
2 BED
1,117
3 BED
1,717
$4,279
$2.49
3 BED
Average
963
$2,603
$2.70
Average
Average
926
15
District at Scottsdale
56
Link PHX
80
Stewart
84
15446 N Greenway Hayden Loop, Scottsdale, AZ
63
702 N 3rd St. Phoenix, AZ
66
800 N Central Ave. Phoenix, AZ
72
Thedistrictatscottsdale.com
41
Thelinkphx.com
64
Liveatthestewart.com
64
Kaplan Management
DE V E LOPER
Empire
DEVELOPER
CA Ventures
BUI LT
2019
BU ILT
2020
BUILT
2019
UN I TS
332
U NITS
257
UN ITS
312
4
STO R I ES REVITALIZATION
30
STO R IES
39%
REVITALIZATION
19
STORIES
60%
REVITALIZATION
64%
1-MILE HH INCOME
$119,050
1-MILE HH INCOME
$57,843
1-MILE HH INCOME
$61,605
RENT/INCOME RATIO
23%
RENT/INCOME RATIO
43%
RENT/INCOME RATIO
40%
OCCUPANCY
65%
OCCUPANCY
36%
OCCUPANCY
49%
CO NC ESS I O N S
Floorplan SF
16
D EVELOPER
Rent
Up to 8 Weeks Rent/SF
CO NCESSIO NS
8 Weeks
Floorplan
SF
Rent
Rent/SF
STUDIOS
477
$1,541
CON CESSION S
6 Weeks
Floorplan
SF
Rent
Rent/SF
$3.23
STUDIOS
530
$1,544
$2.91
STUDIOS
N/A
N/A
N/A
1 BED
816
$1,892
$2.32
1 BED
748
$1,972
$2.64
1 BED
810
$1,933
$2.39
2 BED
1,283
$2,825
$2.20
2 BED
1,009
$2,912
$2.88
2 BED
1,205
$3,389
$2.81
3 BED
N/A
N/A
N/A
3 BED
N/A
N/A
N/A
3 BED
N/A
N/A
N/A
Average
922
$2,242
$2.43
Average
720
$2,082
Average
808
$2,069
$ 2.89
$2 .56
Halsten at Chauncey Lane
37
Local
61
The Ryan
73
17777 N Scottsdale Rd. Scottsdale, AZ
67
750 S Ash Ave. Tempe, AZ
68
188 E Jefferson St. Phoenix, AZ
60
Thehalsten.com
39
Thelocaltempe.com
49
Theryanapartmentsphoenix.com
65
DE V E LOPER
Forum Real Estate
D EVELOPER
JLB Partners
StreetLights Residential
DEVELOPER
BUI LT
2020
BU ILT
2019
BUILT
2020
UN I TS
301
U NITS
286
UN ITS
253
4
STO R I ES REVITALIZATION
36%
REVITALIZATION
17
STORIES
9
STO R IES
REVITALIZATION
43%
75%
1-MILE HH INCOME
$85,525
1-MILE HH INCOME
$61,867
1-MILE HH INCOME
$48,204
RENT/INCOME RATIO
27%
RENT/INCOME RATIO
37%
RENT/INCOME RATIO
59%
OCCUPANCY
51%
OCCUPANCY
85%
OCCUPANCY
CO NC ESS I O N S
6 Weeks
Floorplan
SF
Rent
Rent/SF
STUDIOS
N/A
N/A
1 BED
722
2 BED
CO NCESSIO NS
CON CESSION S
6 Weeks
8 Weeks
Floorplan
SF
Rent
Rent/SF
$2.90
STUDIOS
640
$1,668
$2.61
$1,858
$2.59
1 BED
806
$2,143
$2.66
1,115
$2,682
$2.41
2 BED
1,252
$3,026
$2.42
1,563
$3,985
$2.55
3 BED
N/A
N/A
N/A
$1,928
$ 2.61
Average
936
$2,373
Floorplan
SF
Rent
Rent/SF
N/A
STUDIOS
540
$1,569
$1,666
$2.31
1 BED
717
1,127
$2,494
$2.21
2 BED
3 BED
N/A
N/A
N/A
3 BED
Average
862
$1,952
$2.26
Average
Preleasing
740
$2 .54 17
The Cameron
46
2062 E Cameron Way Tempe, AZ
60
Thecamerontempe.com
44
StreetLights Residential
DE V E LOPER BUI LT
2020
UN I TS
349 4
STO R I ES REVITALIZATION 1-MILE HH INCOME
$56,073
RENT/INCOME RATIO
41%
OCCUPANCY
Preleasing
CO NC ESS I O N S
Floorplan SF
18
28%
Rent
8 Weeks
Rent/SF
STUDIOS
567
$1,413
$2.49
1 BED
740
$1,667
$2.25
2 BED
1,181
$2,302
$1.95
3 BED
1,635
$3,701
$2.26
Average
889
$1,924
$2.16
19
THOMAS BROPHY
MATT ROACH
Research Director +1 602 222 5066 thomas.brophy@colliers.com
Associate Vice President +1 602 222 5143 matt.roach@colliers.com
CINDY COOKE
CHRIS ROACH
Senior Executive Vice President +1 602 222 5039 cindy.cooke@colliers.com
Associate Vice President +1 602 222 5144 chris.roach@colliers.com
BRAD COOKE Executive Vice President +1 602 222 5088 brad.cooke@colliers.com
COLLIERS INTERNATIONAL ARIZONA 2390 East Camelback Road | Suite 100 Phoenix, AZ 85016 | United States COOKETEAM.COM
20