Tucson, AZ multifamily market
Tucson, AZ is a Grade C multifamily market in the MultiMarket model, ranking in the 21-30 band of the 53 U.S. metros the model tracks. That places it in the broad middle of the tracked set. The model scores every metro on four dimensions: demand, supply constraint, fundamentals, and momentum, using public federal data recomputed quarterly. The full composite scores and the live ranked table are part of MultiScreen Pro; this scorecard covers the metro's profile and the public data behind it.
Supply constraint is the metro's clear strength, while momentum is its weak point. That gap is where the underwriting question sits: the case for Tucson rests on whether supply constraint is durable enough to outweigh momentum.
Employment grew 1.6% over the trailing three years, and the metro permits 1.06 multifamily units per 1,000 residents annually. That is a comparatively restrained pipeline, which supports pricing power if demand holds.
These scores describe the metro, not any individual property. Submarket conditions inside Tucson vary widely, and a specific deal still has to be underwritten on its own rent roll, expense load, and business plan.
Category profile
The model's rating in each of its four categories. Exact category scores, alongside the composite and the live ranking, are part of MultiMarket Pro.
- DemandSoft
- Supply constraintStrong
- FundamentalsMixed
- MomentumSoft
Underlying data
Public federal sources only. Figures are the model inputs behind the ratings above.
| Indicator | Value |
|---|---|
Job growth, 3-year Total employment growth across the metro over the trailing three years. | 1.6% |
Population growth, 3-year Resident population change over the trailing three years. | 0.5% |
Net migration rate Net domestic and international migration as a share of population. | 0.66% |
Net AGI migration per filer Net adjusted gross income moving into the metro per tax filer. A proxy for the income level of in-migrants. | $306 |
Household income growth Growth in household income, the ceiling on how far rents can be pushed. | 3.9% |
Employer diversity Concentration measure across employment sectors. Higher means less dependence on any single industry. | 0.895 |
Permits per 1,000 residents Annual multifamily permitting relative to population. The forward supply signal. | 1.06 |
Supply added, 5-year Cumulative permitted units over five years, per 1,000 residents. | 6.0 |
Common questions
- Is Tucson a good multifamily market?
- Tucson, AZ is a Grade C market, ranking in the 21-30 band of 53 tracked U.S. metros. Its strongest category is supply constraint and its weakest is demand. Metro scores indicate where to look, but any specific property still has to be underwritten on its own rent roll and expense load.
- How fast is Tucson growing?
- Over the trailing three years, Tucson recorded 1.6% employment growth and 0.5% population growth, per BLS and Census data.
- How much new multifamily supply is being built in Tucson?
- Tucson permits 1.06 multifamily units per 1,000 residents annually, per the Census Building Permits Survey. The model rates its supply constraint strong, where a stronger rating means less near-term supply pressure.
Similar markets
Market scores are informational and are not investment advice. Data is sourced from the U.S. Bureau of Labor Statistics, U.S. Census Bureau, and Internal Revenue Service, and is recomputed quarterly. Scores describe metropolitan areas and do not evaluate any individual property.