Arizona is one of the best states to invest in real estate. Not only is it landlord and Airbnb friendly, but property taxes are relatively low and home values are increasing drastically. Families and individuals are looking for accessible and affordable housing. Phoenix was recently ranked #1 for increased rental prices. There is a significant disparity in supply and demand for rental properties. The demand for rentals is so high that some people have resorted to bidding wars. Now is the perfect time to invest in the rental market.
When you purchase a rental property, you will be responsible for finding tenants and maintaining the home. If you do not want this added stress, hiring Alter Property Management will take care of those aspects.
A benefit of investing in a rental property is that it has the possibility to provide two types of income for you. First, it can provide you appreciation over the long run, if the property value increases over time and due to improvements and upgrades that are made, the home will sell for a higher number in the future. Second, you can earn continual income based off of the monthly rent of your property. Another option is to rent the property out as a vacation rental.
When hiring your property management company, there are a couple of important questions you should ask:
- Is the property management company licensed and certified?
- Is the property management company insured?
- What relevant real estate–related experience does the property management company possess?
- Which types of properties and neighborhoods do they specialize in?
- Do they manage both short-term and long-term rentals?
Whether you are investing in a long term or short term rental property, you need to make sure you know all of the “facts”. Do you know which cities are the best for investment real estate in Arizona? Neighborhoods like New River, Cave Creek, and Carefree have surging property values. Whereas areas like Surprise and Avondale bring affordability with new-build style and family friendly neighborhoods. Property values in Phoenix grew by over 30 percent from June 2020 to June 2021, compared to only 10 percent the previous year.
If you are considering purchasing a rental property or are looking to have your property managed professionally, Call Alter Property Management for the best service in Arizona.