|Specialty||# of Agencies|
|Single House or Condo||10|
|Home Owners Association||8|
|Total Local Companies||20|
The average rent for a 3 bedroom house in Phoenix, AZ is $1,410.00. When you receive your requested free market assessment, compare the average rent to what a property manager expects your property to rent for before making your decision on which manager to hire.
Phoenix, AZ Rental Market Overview
Phoenix is the largest city in Arizona and the sixth most populated city in the United States. Residents and visitors to the area enjoy easy access to the Grand Canyon; a warm, dry climate; and year-round sunshine. Home to the University of Arizona and the Luke Air Force base, Phoenix's population is made up of a high proportion of students and state employees. Together with its annual influx of winter-weather refugees, aka, "snowbirds," these groups provide a large client base for Phoenix rental property owners and property management companies.
Good News for Phoenix Property Investors...and Phoenix Property Management Companies
Despite the housing collapse, Phoenix is seeing a rise in demand for rental housing. Apartment buildings are predicted to lead Phoenix area's real estate market toward recovery. With higher than average demand for rentals, property owners and property management companies have increased rent prices by 2.5% in recent months, and will continue to raise prices well into the foreseeable future, according to a March 2011 news report from the local station ABC15.
With a large number of foreclosures driving the increased demand for rental housing, property investors are turning to Phoenix property management companies to help them screen potential tenants and select the ones with the best prospects of paying their rent. Better credit scores, higher deposits, and longer leases are all becoming requirements in what is no longer a renter's market. As the result, property investors are seeing larger profits, and hiring property management companies to help them maximize their efficiency while growing their businesses.
Phoenix Rental Market at a Glance
|2012 Population||4.3 million||380 million|
|2010 Percentage of renters||33.65%||34.00%|
|2013 (1st Q) Rental vacancy rate||10.1%||8.4%|
|2013 Median house price||$175,000||$185,400|
|2013 Median income||$48,596||$51,425|
|2013 Median rent (3 bedroom)||$1,393||$1,350|
Phoenix, Arizona (population: 4,329,534) has seen a drop in its vacancy rate from 19.8% for the first quarter of 2010 to 10.1% for the beginning of 2013. Despite this drop, the median rent has remained close to its current amount of $1,363 for the last three years. The median family income is $48,596 and the median home price is $175,000.
Vacancy rates and population estimates taken from census.gov/housing
Rent data from HUD.gov
Median family income and price from CNNMoney.com
Percentage of renters reported by City-data.com
Finding Phoenix Property Management Companies
Finding the right property manager is essential to growing your business.
Use All Property Management to select from among Phoenix's best property management companies. Type your zip code into our search widget to find companies who manage properties in Phoenix---then request free quotes.