Tucson’s multifamily market is expected to have accelerated rent growth in 2016, according to Collier’s International’s “Tucson Metro Area Research & Forecast Report – 3Q 2015,” as demand outpaces the delivery of new inventory, supporting an optimistic outlook for property fundamentals. Growth in high-wage employment sectors also has helped stimulate renter demand for more expensive units.
Home to nearly 1 million residents, the Tucson metropolitan statistical area is situated in the Sonoran Desert and surrounded by five mountain ranges. Tucson is home to many technology companies, including Raytheon Missile Systems, the area’s largest employer, Texas Instruments, IBM, Intuit, Honeywell, Universal Avionics and more.
Tucson is heavily supported by the University of Arizona, the second largest employer in the city. The University of Arizona is a super land-grant
institution, which includes the University of Arizona College of Medicine, that generates more than $580 million in research investment each year. The university benefits the state with an estimated economic impact of $8.3 billion annually. The university ranked No. 1 in U.S. News & World Report’s “Best Graduate Schools 2016” among public graduate programs in management information systems. It is also home to three faculty members who have won Nobel Prizes.