Phoenix Real Estate Vacancies Shape Market

According to results released in September from a ProLogic Research Group study, the Phoenix real estate market has finally recovered "from the steep 2001-03 downturn." It is one in only ten nationwide markets to stage a full recovery.

Recovery has been possible due to a healthy amount of demand for Phoenix real estate and a decline in vacancy during the first half of 2005. Vacancy rates "declined to 9.0% at midyear 2005 from 9.7% at year-end 2004 and 10.2% at midyear 2004."

The surge in demand for Phoenix real estate that began at the end of last year is still going strong, but surprisingly the cost of renting Phoenix real estate has levelled off. Many market watchers believe that that means Phoenix renters will soon see a cut in "rent concessions such as free rent."