|Specialty||# of Agencies|
|Single House or Condo||2|
|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: Association :
Associa: Exceptional Community Management.
|2014 Q2 Data||Vacancy Rate||Rent Variance||Cap Rate||Appreciation||Job Growth||Days on Market|
|75 US City Avg.||8.00%||0.57%||7.78%||5.00%||1.59%||73|
Located at the western tip of Texas, the community of El Paso is renowned for being a leader in international trade thanks to its position along the border of Mexico. El Paso has also been praised as one of America's Best-Performing Cities and Best Mid-Size Cities for Jobs. If that's not enough, El Paso has been deemed America's Safest City based on crime rate statistics. Home to a variety of parks and recreation, a rich culture and history, the fastest-growing U.S. Army installation in the United States and the University of Texas at El Paso, there are too many wonderful aspects of life in El Paso to list.
The recent release of All Property Management Q2 2014 Rental Ranking Report, however, gives El Paso another accolade to add to the list. The report ranks El Paso as the fourth-best city for investment in rental real estate in the Southwest region, up two spots from last quarter.
What data is this based on?
To calculate the All Property Management Rental Ranking Report, we explore a number of different sources, including current government housing and jobs data, as well as housing appreciation forecasts for 75 cities across the United States. We look at specific factors such as home vacancy rates, capitalization rates, home value appreciation rates, annual job growth, change in rental rates, and average days a property stays on the market to determine which U.S. cities are poised to give investors the highest return on their rental investment.
El Paso, Texas does quite well in a number of categories, including rental rate variance and capitalization rate. Rental rates, for example, have risen 5.99 percent in the last year, giving El Paso a fifth-place ranking among the 75 Metropolitan Statistical Areas that All Property Management evaluates for the Rental Ranking Report. Similarly, El Paso properties offer an average capitalization rate of 9.59 percent. The capitalization rate looks at average property value and average rental rates to determine the potential rate of return for a property. Other positives for El Paso include a home value appreciation rate of 4.5 percent over the last year, and a rental vacancy rate of 9.2 percent.
What does a high-ranking mean?
Is owning a rental property in El Paso profitable?
Quite simply, there has never been a better time to consider rental property investment in El Paso and the surrounding areas. Rising rental rates when combined with strong capitalization rates and home value appreciation suggests that investors can expect their rental property will provide a positive return on investment in both the short term and long term.
Thinking about renting out your El Paso property? Seek the assistance of a local, qualified property manager and automate your rental profit. Get free quotes emailed to you from 5 competing El Paso property management companies to compare rates and calculate the ROI. Or call 1-877-780-4510 to speak with a representative.
Our team at All Property Management specializes in connecting property owners with property agents in communities across the country. Expert property managers can assist with setting rental rates, advertising your property, screening and managing tenants, collecting rent, managing vendor relationships, and ensuring you are complying with local, state, and federal housing regulations, thus taking the hassle and worry out of managing your property. We look forward to working with you and welcome the opportunity to help you with all your property management needs.