October Rents in Tucson up 2.2% over past month

TUCSON, ARIZONA — Apartment List is reporting this month the national rent index jumped another 2.1%, and rents are now up by a total of 15% since this time last year. Rent growth has cooled slightly from its July peak, but we’re still seeing significant price gains at a time when seasonality in the market normally causes a dip in rents.
Rents are still increasing in nearly all of the nation’s 100 largest cities, but with Boise, ID and Spokane, WA marking notable exceptions where rents dipped this month. These markets have seen some of the nation’s fastest growing rents over the past year, but it appears that they may have hit their peaks. Among the 100 largest cities, there are now just 5 remaining where rents are still below pre-pandemic levels.
Here are some highlights:
  • Rents in Tucson increased 2.2% month-over-month, compared to 2.1% nationally. Month-over-month growth in Tucson ranks #48 among the nation’s 100 largest cities.
  • Year-over-year rent growth in Tucson currently stands at 16.9%, compared to 6.2% at this time last year.
  • Median rents in Tucson currently stand at $940 for a 1-bedroom apartment and $1257 for a two-bedroom.

Rents rising across cities in Arizona

Throughout the past year, rent increases have been occurring not just in the city of Tucson, but across the entire state. Of the largest 10 cities that we have data for in Arizona, all of them have seen prices rise. The state as a whole logged rent growth of 27.0% over the past year. Here’s a look at how rents compare across some of the largest cities in the state.

  • Looking throughout the state, Scottsdale is the most expensive of all Arizona’s major cities, with a median two-bedroom rent of $1,956; of the 10 largest Arizona cities that we have data for, all have seen rents rise year-over-year, with Tempe experiencing the fastest growth (+32.1%).
  • Scottsdale, Chandler, and Peoria have all experienced year-over-year growth above the state average (31.9%, 29.1%, and 28.6%, respectively).

Tucson rents more affordable than many other large cities nationwide. Check out the full Tucson report here.

For more analysis of the newest monthly data, check out our full October Rent Report.




Nadel Architecture + Planning Announces Completion of First Sprouts Farmers Market in Maricopa, AZ

Project is the first Sprouts in Maricopa and the only one in Pinal County 

MARICOPA, ARIZONA Nadel Architecture + Planning, a leading architecture and design firm, announces the completion of a 23,000 square-foot Sprouts Farmers Market store located in Maricopa, Arizona.

While the newly constructed store is the brand’s 356th in the country, it is the first Sprouts in Maricopa and the only one in Pinal County, according to Rick Redpath, managing director of Nadel Architecture + Planning.

“As a seasoned architecture and design firm with deep expertise in retail design, we are thrilled to help deliver Sprouts to the people of Maricopa and the surrounding area,” says Redpath. “This was an extremely successful and very busy opening. For the first time, residents of this area have easy access to the store’s fresh local organic meat and produce, as well as natural vitamins and supplements and baked goods made on site. Given recent supply-chain issues and concern for the environment, the demand for organic, locally sourced groceries is rising, and Sprouts is meeting this demand.”

Alongside developer Thompson Thrift, Nadel designed the interior of the Maricopa store to facilitate “click and collect,” whereby shoppers purchase groceries online and either pick them up in store or have them delivered to their homes by a service such as Instacart, according to Redpath.

“Nadel has configured this and other Sprouts stores with a click-and-collect room at the front of the store, which is a real boon to shoppers. The room is equipped with refrigerators for perishable food and heaters for prepared food, where shoppers and delivery services can collect orders quickly and easily,” says Redpath. “Due to their convenience and safety, online grocery shopping and ‘buy online, pick-up in store’ (BOPIS) have grown tremendously during the pandemic. We helped Sprouts combine its farmers’ market concept with this burgeoning trend to service both in-store and remote shopping experiences.”

Nadel has been working with Sprouts on the design of several new stores throughout the country, including upcoming locations in Irving, Texas; Boca Raton, Florida; North Las Vegas, Nevada; Philadelphia; and Virginia. All are slated for completion by the end of 2022.

In designing Sprouts markets, Nadel advises the development team on constructability, life safety and adapting the store design to various configurations, says Redpath.

“We are helping Sprouts carry its brand and distinct farmers’ market design throughout its line of stores nationwide,” says Redpath. “Regardless of the dimensions, we are ensuring the look remains consistent at each Sprouts store.”

For more information, please visit www.nadelarc.com.




Kent Circle Partner | Seldin Real Estate Announces New Corporate Controller

Scottsdale, AZ — Kent Circle Partners | Seldin Real Estate, Inc. (Scott Seldin, President) announces new Corporate Controller at the company headquarters in Scottsdale Airpark. Josh Muhialdeen, MSA, has been hired to oversee the accounting department and is responsible for the company’s accounting functions and its preparation of financial reports.

Josh Muhialdeen brings a wealth of experience in financial analysis and complex accounting acquisitions to the company. He spent the past four years at STORE Capital (NYSE:STOR) in Scottsdale, where he was most recently a Manager of Financial Reporting. Before that, he was a financial auditor at RSM US LLP with a focus on the financial industry. Josh earned both a Bachelor of Science (2012) and Master of Science (2013) in Accountancy from W.P. Carey School of Business at Arizona State University.

“Value creation is the foundation of business, and it is something I’ve always been very passionate about. I’ve found a place where the opportunities to do such a thing are limitless,” commented Muhialdeen on joining the company.

PHOTO: Courtesy photo of Josh Muhialdeen.