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SECTION 2 | METRO FORECAST SUMMARIES<br />
Phoenix Occupancy Rate His<strong>to</strong>ry and Forecast<br />
Souces: Reis, Inc. His<strong>to</strong>ry and RCR Forecasts<br />
RED 49 Occupancy Rate<br />
Phoenix Occupancy Rate<br />
97%<br />
96%<br />
95.3%<br />
95.1%<br />
94.9%<br />
95%<br />
94.2%<br />
94%<br />
93.3% 93.3%<br />
93%<br />
4Q13 4Q14<br />
4Q15 4Q16 4Q<strong>17</strong> 4Q18 4Q19 4Q20 4Q21 4Q22<br />
Phoenix Rent Growth His<strong>to</strong>ry and Forecast<br />
Souces: Reis, Inc. His<strong>to</strong>ry and RCR Forecasts<br />
RED 49 Year-On-Year Rent Growth<br />
Phoenix Year-On-Year Rent Growth<br />
8%<br />
6%<br />
5.1%<br />
4.1% 4.1%<br />
3.8%<br />
3.6%<br />
4%<br />
2.8%<br />
2%<br />
0%<br />
4Q13 4Q14<br />
4Q15 4Q16 4Q<strong>17</strong> 4Q18 4Q19 4Q20 4Q21 4Q22<br />
Phoenix Payroll Job His<strong>to</strong>ry and Forecast<br />
Souces: BLS His<strong>to</strong>ry and RCR Forecasts<br />
RED 49 Year-On-Year Payroll Growth<br />
Phoenix Year-On-Year Payroll Job Growth<br />
5%<br />
4%<br />
3%<br />
2%<br />
1.9%<br />
2.4%<br />
1.7%<br />
1.1%<br />
1.4%<br />
2.1%<br />
1%<br />
0%<br />
4Q13 4Q14<br />
4Q15 4Q16 4Q<strong>17</strong> 4Q18 4Q19 4Q20 4Q21 4Q22<br />
85