It’s about the neighborhood Early in his career, TeKampe worked for Landiscor building housing market reports and interpreting them for clients. He learned the value of understanding the surrounding neighborhood in assessing assets. “Nothing has a greater effect on a property’s value than what goes on immediately beyond the boundary lines of that property. It is important to understand the strengths and weaknesses of the surrounding neighborhood. The competition in many submarkets now is with single family homes that are rentals,” said TeKampe. “If there’s an upward trend of pricing of single family homes … [it’s] more likely the owner can command higher rents.”
The pipeline ahead During the downturn, many of the planned multifamily developments were shelved and few new units came on to the market. In 2014, Phoenix’s market will see more than 4,500 new apartment units delivered to the market. The development pipeline for next year appears to be even stronger, yet more steady.
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PERSPECTIVES AND PROJECTIONS, the AMA’s annual economic outlook on the apartment industry, will be held at the Arizona Biltmore on September 25th This event is for operators, investors and real estate pros. Reserve your seat today!
So far the outlook on these new developments seems to be bright with many of the newly opened communities in Phoenix reporting early leasing and rents above original expectations. Interpreting the metrics that his team monitors, TeKampe believes that there could be a systemic slowdown or leveling out of the rate of effective rent growth in the Phoenix market in the near term. “This of course does not apply to every asset or submarket in the metro area but there are certain submarkets which have risk exposure,” he added. The national Axiometrics Inc., a real estate market data company, recently reported on the Phoenix market. Their report summarized, “Developers might see justification in building more in Phoenix, especially as both effective rent and occupancy continue growing. The current annual effective rent growth of 4.4% outpaced that reported in April 2013 (3.2%) and is well above the national average of 3.4%. Occupancy did take a slight dip from March 2014, which is to be expected with more supply being delivered.”
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