Saturday, August 20, 2011

Rents have gone up by as much as 15% in some areas and down by as much as 5% in others!

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There is a lot of competition for the most desirable rentals, e.g., 4 bed room homes in areas with good school districts in the $1600 to $2000 a month range, in Mesa, Gilbert, Chandler, Peoria, Scottsdale just to name a few areas.

Buckeye, Queen Creek, El Mirage, Tolleson and Laveen are among the toughest rentals these days. They rent but they require additional incentives and extensive marketing.

Surprise, Glendale, Avondale and Goodyear North of I-10 and Litchfield Park are holding steady. They have had a 5% increase in rent since January 2011 and are still going for more and less the same. However, going forward, one must think of an exit strategy since so many investors have bought in these areas.

What we are noticing is rentals in the $1200 to $1400 range are getting tougher to rent. It seems to be high for low to average income renters and not good enough for the folks with higher income.

With all that has been going on in the financial market these days, so many investors close to retirement have been self managing their own IRAs, buying rental properties in Phoenix Metro driving prices up through the roof in some areas.

Phoenix is spread 60 miles across from east to west and 20 miles from north to south with hundreds of new and old subdivisions in between. One must be very careful where and what to buy to get the best return on his/her investment.

Not every Realtor is an investment specialist, but we are. We have years of experience working with investors at every level from single family homes to 100 unit multi-family properties.

Call us toll free at 888-777-6664. Ask for Payam Raouf, ext 111 or Jack Zohar at ext 120. If there is an opportunity out there we can help you find it.

CONTACT US TO MANAGE YOUR PROPERTY