|Specialty||# of Agencies|
|Single House or Condo||3|
|Home Owners Association||2|
|Total Local Companies||4|
The average rent for a 3 bedroom house in El Paso, TX is $1,151.00. 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.
Cool Trends along the Border
Rental property owners and investors in El Paso Texas know that they're playing for keeps in one of the toughest real estate markets in the United States. While El Paso properties remained resilient throughout the 2008 market crisis, over the last five years home values steadily declined as rental property vacancies increased. Online real estate resources like Zillow and Trulia predict that El Paso home values will continue to drop in the near term, and increased development will compound the challenges faced by property owners seeking tenants to fill growing vacancies.
Know How to Maximize Your Marketing Efforts
There are a variety of ways to ride out challenging times and some strategies are clearly more expensive than others. It's less of a concern for large rental development companies that manage diversified property assets in profitable markets outside of the El Paso area. The reality is that most small and independent property owners don't enjoy the luxuries of diversified assets in multiple markets. That's where property management services can make difference, especially when it comes to presenting, showing and marketing vacant single homes and multi-unit complexes. Many property management companies have real estate professionals who understand and have access to important marketing tools like Multiple Listing Services (MLS) and property staging resources. Most property managers track regional trends and specific strategies applied by larger or more successful developers to fill vacant rental units. Will these same strategies work for you? That often depends on specific details related to your rental properties, but property management companies often customize their strategies around their individual clients, taking advantage of location, presentation and other unique factors to create optimal marketing exposure. To learn more, check out the property management company profiles for these El Paso companies and ask for your free instant quote today.
Managing: Single-Family :
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El Paso is renowned for being a leader in international trade thanks to its position along the Mexican border. It has been praised as one of America's best-performing cities, best mid-sized cities for job opportunities and one of its safest cities. El Paso is home to a variety of parks and recreational opportunities, a rich culture and history, proximity to Fort Bliss, the fastest-growing U.S. Army installation, and the University of Texas at El Paso.
Unfortunately for local rental property owners, El Paso has the ignominy of being ranked last in both the Southwestern U.S. and the country as a whole by the Q2 2015 Rental Ranking Report. It fell two spots in the national rankings since Q1 2015 but kept the lousy honor of being dead last in the Southwest for the second quarter in a row.
El Paso's housing market suffers due to its exceptionally low annual property value appreciation rate (0.60 percent, 88 percent lower than the national average) and job growth rate (just 0.07 percent, 97 percent lower than the national average) and high median age of inventory (a whopping 86 days, 72nd-worst out of the 75 metropolitan areas in the Rental Ranking Report). The moderately high vacancy rate in "El Chuco," 8.70 percent (almost 30 percent higher than the national average), further compounds its unattractiveness for rental real estate investment.
However, rental property owners in El Paso do benefit from an average rental capitalization rate of 9.27 percent. This indicates that they can still make a tidy profit from their rentals despite all the things the El Paso housing market has going against it.
The Sun City was outstripped in the Q1 2015 Rental Ranking Report by some of the faster-growing areas in Texas that have recently benefited from phenomenal job growth, but it still posted some solid fundamentals, including a capitalization rate of 9.51 percent. Rental prices increased 5.99 percent in the year ending in Q1 2015, giving El Paso an 11th-place ranking among the 75 metros evaluated in the Q1 2015 Rental Ranking Report for that metric. Property value appreciation was positive but on the low side at only 1.99 percent. However, from the perspective of the rental real estate investor, this is a feature, not a bug. When rents are rising five times faster than property values, it mean the return on investing is actually increasing, all other things being equal.
Like most Texas cities, El Paso has a relatively high property tax rate. But for rental real estate investors, that issue is offset by the lack of state income taxes.
To calculate the statistics found in the Q2 2015 Rental Ranking Report, All Property Management gathered data, including the most recent government housing and jobs data, for 75 metros across the United States. Specifically, we looked at home vacancy, capitalization, home value appreciation and job growth rates, changes in rental prices, and the average number of days properties have been on the market to determine which U.S. metros will give investors the highest returns on rental investments. Click here to learn more about the Rental Ranking metrics.
Quite simply, there has never been a better time to invest in rental real estate in the El Paso metropolitan area. Rising rental prices combined with a strong average capitalization rate suggests that investors can expect their rental properties to provide a positive return on investment in both the short and long terms.
Thinking about renting out a property in El Paso? Save time, avoid hassle and maximize your rental income by having a professional property management company operate your rental property for you. Click here to get a free quote from a local property manager or call 877-780-4510 to have the All Property Management staff get quotes for you.
All Property Management specializes in connecting rental property owners with professional property managers in communities across the United States. These property managers help set rental rates, advertise properties, screen and manage tenants, collect rent, manage vendor relationships and ensure compliance with local, state and federal housing regulations. They take the hassle and worry out of managing rental properties - all while maximizing rental property owners' rental incomes.