After years of stagnant growth, Tucson’s market for rentals is finally starting to boom In 2017. This is due to the significant amount of capital that is being invested into the city by both local and foreign investors. As the economy continues excel, the Tucson market is only getting hotter. Rents are also on the rise as Tucson experiences it’s biggest influx of jobs yet.
In fact, this is the first year that vacancy rates in all areas of Tucson are lower than 10 percent. Lenders are now being very aggressive and seem willing to fund loans that are more creative than usual. In this hot market, properties are being snatched up quickly due to overwhelming interest. The best part is the volume of deals only expected to increase as more jobs are created. There are also several new construction projects planned for the next year including three highrise student housing complexes.
Investors are really taking advantage of the surging multifamily and especially student housing markets. The population of Tucson increasing at around 2% per year due to the low cost of living, and even larger growth in the University population. There is no shortage of new tenants! Want to see what your property is worth in the current market or are interested in an investment property? Please contact me at 520-400-9811 for a free consultation.
Keller Williams Southern Arizona
1745 E River Rd #245
Tucson, AZ 85718
Chuck Corriere, MBA