Our CEO Blerim Zeqiri was interviewed by the Phoenix Business Journal to discuss the impact of the COVID-19 pandemic on the multifamily real estate market in Phoenix, Arizona.
The article reports that despite initial concerns about a decrease in demand for rental units and an increase in vacancies due to the pandemic, the market has remained relatively stable. This stability can be attributed to the fact that many renters are essential workers who have continued to earn income during the pandemic, and some renters who were planning to purchase a home may have delayed their plans due to the uncertainty caused by the pandemic, leading to increased demand for rental units.
However, landlords are facing challenges such as tenants struggling to pay rent due to job loss or reduced income. The article also notes that some developers may delay or cancel planned multifamily projects due to economic uncertainty caused by the pandemic. Nonetheless, the article concludes that the Phoenix multifamily market is expected to remain relatively stable in the coming months.
To read the full original article, click here:
By Angela Gonzales – Senior Reporter, Phoenix Business Journal Jul 9, 2020, 1:34pm MST
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