Tucson Multifamily Market Report

Inventory expansion tapers off. Tucson’s multifamily market recorded its fastest inventory growth in over two decades during the year ended in March, with much of the new supply concentrated in the Casas Adobes-Oro Valley submarket. This area commands the highest monthly rents in the metro and generally caters to a higher-income, well-educated renter base. The recent surge appears to be a temporary deviation from the metro’s long-term trend. Tucson’s inventory growth ranked in the bottom fifth of major markets over the past 15 years. Construction starts have declined steadily since early 2023, with most of this year’s completions coming from the Casas Adobes-Oro Valley and West Tucson submarkets.