Arizona Apartment Vacancy Rate at Record Level - 15.7%

As we know, one industry that has been feeling the affects of this past recession is the multihousing (apartment) industry. According to the Arizona Multihousing Association, the Arizona vacancy rate is at an unprecedented level of over 15%, which is more than double the preferred ceiling of 5%.

The 15.7% in Arizona is also higher than the national vacancy average, which has been approaching 11%. If less people are living in apartments, then where are they living? Many are now renting or buying houses. That is good news for Realtors. The bad news is the apartment industry is now fighting hard to regain their residents by offering very attractive concessions -- lower monthly rates, free utilities, free cable, etc....

The challenges are in front of all of us, but then so are the opportunities.