Phoenix within the TOP 10 for Rental Properties!

With the crazy adjustments in the stock market and large global cities on the verge of filing bankruptcy, investment property continues to be a valuable place for cash heavy investors.  Additionally, with interest rates rising, several hot cities should see a small increase in inventory available for purchase.  According to MSN Money, the top 10 rental cities are the following:

1. Las Vegas - 8.6% vacancy rate and average rent amount of $803/month

2. Orlando, Florida - 7.9% vacancy rate and average rent amount of $871/month

3. Colorado Springs, CO - 5.3% vacancy rate and average rent amount of $713/month

4. Memphis, Ten - 11.2% vacancy rate and average rent amount of $682/month

5. Jacksonville, Florida - 10.2% vacancy rate and average rent amount of $800/month

6. Houston - 10.2% vacancy rate and average rent amount of $792/month

7. Atlanta - 9.1% vacancy rate and average rent amount of $849/month

8. Columbus, Ohio - vacancy rate 8.6% and average rent amount of $690/month

9. PHOENIX, AZ - 8.9% vacancy rate and average rent amount of $755/month

10. Oklahoma City - 8.3% vacancy rate and average rent amount of $584/month

RPM West Valley offers full service phoenix property management services including but not limited to marketing/advertising your property on 40+ websites plus property signage; conducting thorough checks of background, criminal, credit, employment and rental history; handling all lease documentation; coordinating maintenance with our own maintenance staff or sub-contractors; full interior/exterior inspections with pictures; collecting rents, serving notices, handling evictions, providing detailed monthly accounting statements and notifications online and also offer direct deposit options with a dedicated Accounting Manager; and filing Monthly Privilege Taxes for your property.  

For more information contact us info@rpmwestvalley.com, 855 748 7841

The Myths & Realities of Rental Property Accounting in Metro-Phoenix

Because of all of the licensing and tax rules/regulations in many cities within Metro Phoenix, it can get very confusing to figure out exactly what you need to do in order to be in compliance. One of the myths I hear as a property manager is that rental tax is only required when multiple properties are owned in the city however this is very far from the truth!  Even if you only own one rental property the city wants their monthly or quarterly tax.  The cities monthly rental amount ranges from approximately 1.5 to 3% of the monthly rent and are required to be paid with the appropriate filing forms either monthly or quarterly depending on the city.  Before you can pay the tax you must file for your license through the appropriate city.  In addition to the taxes, the Maricopa County Assessor's office requires you to register your property as a rental.  Fortunately this step only needs to be done one time and the fee is minimal.  Keep in mind if you do not live within Arizona you will be required to supply the Assessor with a statutory agent who is willing to accept all service on your behalf.  For additional information you may contact the Assessor through their website http://mcassessor.maricopa.gov/assessor.  Additional you may contact the Arizona Department of Revenue through their website www.azdor.gov.