July 2013 • Vol. 50 No. 7
THE OFFICIAL PUBLICATION OF THE ARIZONA MULTIHOUSING ASSOCIATION
By Tom Simplot, President and CEO, AMA
Gilstrap Honored with Lifetime Achievement Award
Where do we begin with Suzanne Gilstrap? Many of our newer AMA members may not know Suzanne personally. But I can tell you one thing is for certain…most if not all of our industry have been impacted in some capacity by her work on behalf of the apartment industry. In fact, the annual Tributes Awards ceremony can be credited to Suzanne as she, as the AMA’s Executive Director, created the first ever awards dinner twenty-one years ago. For those of you who do not know Suzanne, she has been our political face of the industry for over two decades. A fixture at the Arizona Capitol, Suzanne tirelessly protected our Continued on page 2
Phoenix Sees Largest Rent Increase Since 2007; Vacancies Plummet By Pete TeKampe, Marcus & Millichap The April issue of Apartment News reported ‘Valley Rents Set to Increase’; subsequently, Phoenix area rents rose by their largest margin since fourth quarter 2007. First quarter 2013 also had the lowest vacancy rate since third quarter 2006. Concession offerings during first quarter 2013 were at their lowest level since third quarter 2007. “The April issue of Apartment News reported ‘Valley Rents Set to Increase’; subsequently, Phoenix area rents rose by their largest margin since fourth quarter 2007.” Professional Publishing, Inc PO Box 30327 Portland, OR 97294-3327
RENTS In first quarter 2013, Phoenix area rents were $12 higher than in first quarter 2012. The average rent in the Phoenix metro area in first quarter 2013 was $756, compared to $744 recorded one year earlier. From fourth quarter 2006 to fourth quarter 2007, weighted average asking rental rates increased $16. In the last Trends update, it was reported that rental rate increases were likely in the next 90 days and that ‘rental rate increases will be augmented and potentially accelerated by the demand manifested in the latest eviction information.’ The dollar rental rate increase of YOY rent changes in first quarter 2013 is two hundred percent higher than that observed in third quarter 2012. As of the writing of this article, the latest eviction information, preContinued on page 5
Current Resident or
PRSRT STD US Postage PAID Seattle, WA Permit #741
Trade Show Takes the AMA Away with International Theme By AMA Summer always means vacations locally and abroad and the Arizona Multihousing Association’s annual Trade Show certainly swept its guests away to another land. The Trade Show committee, led by the visionary Kimberly Fitch of Nicolosi & Fitch, created a theme that brought inspiration and transported guests to another place.
Trade show guests stood near the Eiffel Tower, and the Hoover Dam, and other word landmarks that members presented. Attendees went “Around the World with the AMA” as they explored the sold out trade show floor. Teams created wondrous displays with international flair for more than 1,000 visitors. Every corner of the “globe” was represented in the PhoeContinued on page 11