Phoenix, AZ: Valley of the Sun
With 1,608,139 residents, Phoenix is the most populous city in Arizona and the fifth-most populous city in the United States. It also functions as the state capital and as the county seat of Maricopa County. Colleges and universities located in Phoenix include Arizona State University, the University of Phoenix, Phoenix College, and Grand Canyon University.
Phoenix is also home to a thriving arts and culture scene. Performing arts venues in the city include the Phoenix Symphony Hall, the Arizona Opera Center, the Orpheum Theatre, and the Herberger Theater Center. There are also several museums in the area such as the Phoenix Art Museum, the Pueblo Grande Museum Archaeological Park, the Arizona Capitol Museum, and the Arizona Science Center.
Sports also play a significant role in the culture of Phoenix. Major sports teams that reside in the city include the Phoenix Suns (NBA), the Arizona Cardinals (NFL), and Arizona Coyotes (NHL). Other attractions in the city include the Phoenix Zoo, the Desert Botanical Garden, South Mountain Park, the Japanese Friendship Garden, and Phoenix Mountains Park.
The State of Phoenix’s Rental Market
In Phoenix, home prices can range from $10,000 to $12 million, with the median listing price being $405,000. This is above the national median, which means homes in Phoenix are a on the pricier side. While homes are rather expensive in this city, rental property investors can certainly earn it back given the renter landscape. Out of all the residents in Phoenix, 45.6% are renters.
Image via towncharts.com
Rent is also above average in Phoenix. In 2019, the median rent in the city was $1,188, up from the previous year and the year before that. In fact, rent in Phoenix has been steadily increasing since 2013. It has also consistently beaten the national median rent.
Image via deptofnumbers.com
Furthermore, landlords will have little to no trouble finding tenants for their rental properties. In addition to a large renter population, the vacancy rate in Phoenix is below average. In 2019, the national vacancy rate was 5.97%, whereas the vacancy rate in Phoenix was 4.98% in the same year. To top it all off, Arizona’s laws are more favorable to landlords than tenants.
Why Go With a Phoenix Property Management Company?
Rental management is not easy. In fact, the only easy part about it comes at the beginning — when you first purchase the property. Following that, landlords need to fulfill a number of duties and obligations. As such, a majority of rental owners seek the help of a property management company in Phoenix.
How can a rental property management company even help you, though?
Property management companies offer a wide variety of services that are basically designed to fill in for the landlord. These services typically include finding tenants for your property, screening tenants, showing your property, setting rent, collecting rent, preparing the lease agreement, enforcing lease terms, and overseeing property maintenance and repairs.
Property management in Phoenix is no joke. If you’re experiencing the following, then you’d be better off with professional help:
- Lack of Time. Rental property management requires a lot of time and dedication. If you don’t have enough of those, then professional assistance is what you need.
- Lack of Skill or Experience. Property management demands a certain skill set that not all landlords have.
- Location. Living far from your rental property will make it hard for you to dart back and forth whenever you need to address an issue with your tenant.
- Multiple Property Owners. It is hard to manage multiple rental properties at once.
- No Interest in Being a Landlord. If you simply dislike hands-on rental management, then a company can take over for you.
Taking the Next Step From Here
The hunt for the best Phoenix rental management company can be exhausting. Start your search right with the help of Rental Choice’s online directory. We list down property management companies by area, including ones in and around Phoenix.