Vacant Apartments Across Arizona

The percentage of apartment vacancies is going up.

No one knows for sure how many immigrants are leaving Arizona because of the sanctions law. But apartment complexes with affordable rents in areas with large numbers of immigrants are being hit hardest by the departures.

The departures are coming at a bad time for landlords. The slow economy is making it hard for some apartment dwellers to cover their rent. And others are renting houses instead of apartments as those rents have fallen because of the housing-market collapse.

"It's a pretty soft (apartment) market to begin with," said Terry Feinberg, president of the Arizona Multihousing Association.

The state's apartment-vacancy rate hit 10.1 percent during the third quarter of 2007, up from 7.7 percent during the third quarter the year before, he said.

Data for the fourth quarter won't be out until next week, but Jodi Bart, co-owner of MEB Management Services, expects Arizona's apartment-vacancy rate to hit 15 percent for the first time in years. Her company manages 60 apartment complexes in Arizona, totaling about 15,000 units.

linkage

As I've said before, be careful what you wish for...