Mar
12
Don’t be surprised if rent increases in the next year. The Phoenix metro area in 2018 had the second-fastest growing average rent prices in the United States, surpassing $1,000 for the first time, according to a report from RentCafe, the apartment listings and trends website.
On average, monthly rent prices in Phoenix grew nearly 7.7% in 2018, $72 more than what renters were paying in 2017. A big reason for the big price boom is the increase in population. Mesa led the nation for cities with a 8.3% increase. Chandler also came in with a huge growth of approximately 8.3%.
While Phoenix’s rent increase follows the national trend, it is at a much higher rate. The national average increase in rent was about 3.1% in 2018, or $42 more than the year before. Studies show the growth is expected to continue through 2019.
Jan
23
The rental market moves so quickly now that you can’t really look more than about 30 days out. Typically landlords/property managers will only hold the property for a week or two once an application has been approved and a lease signed (or shortly after it’s listed as available date).
Properties come and go quickly that if you find a great property more than a few weeks before you are planning to move it may not necessarily be available when you’re ready. It is a great idea to start researching the areas where you might like to live. That way when it’s closer to the time to look, you know what areas, neighborhoods, towns/cities you are interested in and can narrow down your search.
Aug
16
Jun
20
Arizona currently has the 22nd highest rent in the country out of 56 states and territories. In Maricopa County alone, with an estimated population of 3,817,117, the average 3 bedroom home rents for $1474. In Pima County, with an estimate population of 980,263, the average 3 bedroom home rents for $1242.
There is a high demand for 2018. This is due to two factors that will greatly impact Phoenix real estate: job and population growth. Phoenix real estate will benefit from the city’s growing economy. In 2017, Phoenix real estate investing was given a boost because of the additional 51,000 jobs added during the year. As of October 2017, Phoenix had an unemployment rate of 4.5%, the lowest the city has seen since 2007.
Phoenix has gone through a 140% increase in the number of companies that moved their location to the city, meaning good things for the Phoenix housing market.
Phoenix investment properties will be affordable, compared to the national index for housing affordability. According to the Wells Fargo Housing Opportunity Index, the national index is 58.3% for a median income of $68,000. For the Phoenix real estate market, the index is 65.8%. In comparison to other states, Phoenix investment properties will be pretty affordable for real estate investors and homebuyers.
Single family homes used as rental properties are also a good option for investing in Phoenix real estate. Real estate investors should even consider turning single family rental properties into dual occupancy rental properties to get more rental income.
Are you ready to join Arizona investors and build your wealth with real estate?
https://www.rentdata.org/states/arizona/2018
https://www.mashvisor.com/blog/phoenix-real-estate-2018/
Jun
08
There have been, and will continue to be, some big changes in the 2018 rental market. It’s important to understand the changes, meet owner and renter expectations and create a strategy.
It’s expected three specific groups will show high demand in rentals in 2018.
-
Young Millenials; those who are just old enough to start renting
-
Older Millenials; who are saving up for a down payment for a home
-
Older Baby Boomers; who are looking to downsize
Rental analysis shows that dramatic rental increases will slow down for higher end properties. However there will be a steady increase for the low to mid-range home. Currently, there are fewer houses for sale among bottom- and middle-tier homes, which are the most affordable to new home buyers. Single-family rentals are also concentrated in the bottom tier, and activity there has increased in the past decade. This is key for landlords and investors looking for what will have the best ROI.
Rent growth, while remaining steady since 2012, is speeding up again. In general, keeping rent increase to 2-3% is favorable. Any higher and they outpace income increases. In fact, the areas where rents are increasing the most are those with good, high-earning jobs coming in.
