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
Percentage of renters
Rental vacancy rate
Median house price
Finding Phoenix Property Management Companies
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