FAQ
Why Phoenix?
Unlike other U.S. metropolitan areas in 2023, the Phoenix real estate market is booming! Cities like Tempe and Mesa near Arizona State University continue to see unprecedented growth. The recent Super Bowl between the Chiefs and the Eagles drew tons of attention to host city Glendale, AZ… where homes were renting for $9,000 for the big weekend. Phoenix remains one of the highest-demand housing markets in the country.
How does Arizona treat landlords?
RentPrep.com says, “Arizona is home to very low property taxes and a simplified eviction process that favors landlords. There are only three types of eviction and lease termination notices to be aware of, which makes regaining control of your rental assets easier than in tenant-friendly states.
Arizona state laws also allow landlords to issue unconditional quit notices when the tenant makes a serious infraction. This makes it possible to regain control of the rental property almost immediately, which is a favorable rule for landlords in the state.” RentPrep.com
What is the state of the Phoenix residential rental market?
Capital Fund I says, “In a report published on CNN Money News, Phoenix was ranked number 8 on a list of 10 best cities to purchase rental investments homes… Population growth is another indicator that Phoenix is an attractive market for real estate investment. Between 2010 and 2020, the population data shows growth by 19.92%, the highest rate in the state and fifth in the United States. For those looking to invest in real estate, this means a steady stream of people who may need long or short-term residential rental properties.
Also, Phoenix has excellent job growth prospects. Phoenix’s unemployment rate as of December 2019 was 3.6%, before the pandemic, another good sign for rental property owners.”
How does Arizona rank for real estate investment?
Management.org, in their Best States to Buy Investment Property report says that AZ is in the Top 10 states for residential real estate investment, “Arizona has a healthy job market as well, falling into the top ten states for employment in the Union… At 0.66%, property taxes are lower than average... 34.7% of residents choose to rent instead of buy…”
Who is buying Arizona real estate?
Arizona is a top location for out-of-state property investors. News station KOLD states, “According to a recent survey by the Pew Research Center, Arizona is one of the top locations for out-of-state investors. In 2021, they accounted for 31% of the homes purchased.”