Real Property Management West Valley specializes in property management services and therefore we are constantly being asked where and what are the best properties for rental homes. The where question is very difficult to answer because it really depends on the price the investor is willing to spend as well as what annual return versus appreciation they are looking for. The what is a much easier question to answer and as such we have compiled the following list for properties within metro Phoenix:
1. Single story single family homes are the best properties to purchase due to the incredible heat here in the summer - tenants are afraid to take on the electric bills on two story homes.
2. Three and four bedroom single family homes tend to rent very well
3. Try to purchase homes that have larger square footage for bedroom count. For example, a 1700 sq. ft three bedroom is much preferred to a 1300 sq. ft three bedroom.
4. You won't always get more rent for an additional bedroom AND sometimes it may be more difficult to rent. For example, a 1700 sq. ft four bedroom means that the bedrooms are going to be really small given that 1700 sq. ft is really more the size of a three bedroom. Chances are this type of home will sit on the market for a while.
5. Condominiums and town homes will have greatly increased market time since they compete against single family homes, other condos and town homes as well as apartments. Also, the apartment market tends to offer crazy move in specials with no deposit and half off first months' rent.
6. The less landscaping the better! We recommend desert in the front and just rock (that's right no plants or trees) in the back.
7. When it comes to pools make sure they have a second fence right around the pool and don't just rely on the main block fence around the entire property. Also, keep in mind that the increase in rent usually just about equals monthly pool services so it is a wash. Having a pool however if in the right location can definitely decrease marketing time.
Lastly, if you wouldn't live in the home than chances are good qualified tenants wouldn't live there either.
For more information on our phoenix property management services please contact us today!