The average rental price on a two bedroom house or apartment has risen 1.8 percent in the last year, with 39 months of consecutive rate increases, according to information by website Apartment List.
The rate increases, which are half of the statewide rent rate increase of 3.5 percent, are still more than the national average, which was 1.4 percent. The rate increase is measured between September 2018 and September 2019.
Currently, according to the release, the median rental rate is $712 in Tucson for a one-bedroom apartment and $946 for a two-bedroom, the release states.
Rental increases have been the norm across the 10 largest cities in Arizona over the past year, with all 10 experiencing some increase. Tempe saw the fastest growth, at 6.2 percent.
For more information on the rental rate increase and how Arizona stacks up versus other states, visit apartmentlist.com/az/tucson#rent-report.
Value Point Valuation leased 844 of office space located at 2122 N. Craycroft Road. Scott Soelter with NAI Horizon represented the tenant. Jon O’Shea with Vast Commercial represented the landlord.
Salon Kiro, LLC leased 1,099 square feet located at 8205 to 8225 N. Courtney Page Way. Dave Dutson with NAI Horizon represented the landlord.
Mountain View Veterinary Clinic leased 1,400 square feet located at 9725 N. Thornydale Road. Dave Dutson with NAI Horizon represented the landlord.
Freeway Clover, LLC purchased a 32,508 square-foot industrial, multi-tenant business park located in Freeway Industrial Park, 3248 and 3260 N. Freeway Industrial Loop, for $2,495,000 from Long Meadow Ranch, Inc. Robert C. Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR handled the transaction.
ZRYW, LLC purchased 8,000 square feet in Santa Cruz Plaza, 3640 S. 16th Ave. for $894,600 from Santa Cruz Holding, LLC and Santa Cruz Center, LLC. Dave Hammack with Cushman & Wakefield | PICOR and Charles W. Simpson with Cushman & Wakefield Los Angeles handled the transaction.
Winstel Apartments, LLC purchased 8,950 square feet of multifamily space located at 3322 N. Winstel Blvd. in for $750,000 from David and Mary Bizak. Allan Mendelsberg with Cushman & Wakefield | PICOR represented the buyer. Marc Luety with Keller Williams Southern Arizona.
WMBC Holdings, LLC purchased a 9,573 square-foot industrial property located in Peppertree Ranch Business Park, 7701 N. Business Park Drive for $700,000 from 7701 N. Business Park Drive, LLC. WMBC Holdings will remodel the building to house Wicked Monkey Brewing Company, a new micro-brewery in Marana. Russell W. Hall, SIOR, GSCS, and Stephen D. Cohen, Principals and Industrial Specialists with Cushman & Wakefield | PICOR, handled this transaction.
Benjys, LLC purchased a 2,550-square-foot airport parking property located on 4.18 acres at 6627 S. Tucson Blvd for $550,000 from 6627 Tucson Blvd., LLC. Robert C. Glaser, SIOR, CCIM, with Cushman & Wakefield | PICOR, handled the transaction.
KC Posse, LLC purchased 1,480 square feet located at 55 S. La Cañada Drive for $364,000 from Malco Enterprises, Inc. Rob Tomlinson with Cushman & Wakefield | PICOR represented the seller. Alexandra Hardie with Buzz Isaacson Realty, LLC represented the buyer.
KJPB Investments, LLC purchased 5,723 square feet of industrial space located at 1809 E. 23rd St. for $100,000 from Tucson Alcoholic Recovery Home, Inc. Ron Zimmerman and Max Fisher with Cushman & Wakefield | PICOR represented the seller. Rachel Schlanger and Patrick Teske with Tierra Antigua Realty represented the buyer.
Caldwell Construction, LLC leased 2,560 square feet of retail space located at 3238 E. District St. from Roy H. Rogers GC Trust, LLC. Brandon Rodgers, SIOR, CCIM, with Cushman & Wakefield | PICOR, handled the transaction.
Cardinal Financial Company, LP leased 2,134 square feet of office space located at 5151 E. Broadway Blvd., Ste. 510 from KCI-Broadway, LLC. Thomas J. Nieman and Richard M. Kleiner, MBA, with Cushman & Wakefield | PICOR, represented the landlord. David Montijo with CBRE, Tucson represented the tenant.