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Vacancy among conventionally-operated, stabilized units rose again to 13.4 percent. That is an increase of 0.47 percent from last quarter and represents the second highest rate since the second quarter of 1991. Absorption rose by 531 units this quarter to a total of 5,231 units for all of 2009.
Rents are down to $771 per unit this quarter, a drop of $0.01 per square foot from last quarter. Only two submarkets out of 32 recorded rents per unit over $900 this quarter.
There were a total of 10 apartment sales (100+ units) that have occurred in the fourth quarter, totaling 2,646 units. Sales averaged $61,279 per unit or $76.00 per square foot.
Contact Matt DePinto at 602.222.5029 for more information.
  Phoenix Market Report Multifamily 4Q09.pdf
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