Is Arizona A Landlord Friendly State
Arizona is a really great state to live in. It has been ranked as one of the best states for business, and 8th in the nation for quality of life. But, if you are considering moving your rental business to Arizona, keep reading because it might be the one of the best to pick depending on what kind of landlord you are. There is a very low tolerance for tenants who violate their lease agreement. Median asking rent has gone up pretty steady since 1988.
Median asking rent has gone up pretty steady since 1988, according to a study by the U.S. Census Bureau. The U.S. Census Bureau found that the median monthly rent for a one-bedroom apartment in the United States is about $1,206 and the median asking rent is $1,260/month in the United States.
Is Arizona a Landlord Friendly State?
In Arizona, there's a number of ways that a landlord can terminate a lease. If the tenant is late on paying their rent or fails to maintain the unit, they may give an eviction notice. If you own or are managing a rental property, you're probably aware of the many ways that you can terminate a lease or eviction notice. This is an important thing to know, especially if you have tenants!
Low property taxes in Arizona are a selling point for those who are considering a rental property. There are many affordable cities and towns in Arizona.
The Costs of Renting Property in Arizona
Arizona is the perfect place for people looking for a new place to call home. With low cost of living, affordable rent, and cool weather, it's a great place to live.
Rent prices have skyrocketed in Arizona recently
Arizona has seen a recent increase in rent prices, with the city of Phoenix alone experiencing a 13% increase in rental rates. This has caused many people to move out to more rural areas, as well as having multiple generations live together.
How to Dealt with Marketing, Taxes, and Legal Matters As a Landlord in Arizona
If you are looking to rent out your Arizona home, try using a real estate agent. These professionals know how to market a rental property and advertise it on the right websites at the right time. They can help increase your chances of renting the home quickly by advertising in ways that make sense for rentals.
Paying your property tax is normally done with the mortgage impound account, or if you own the home outright you can log into Maricopa Treasurer’s web site. In order to pay your property taxes, you will need to use the Treasurer's Office's online payment system.
If I am the landlord, what are my rights and responsibilities?
A landlord has a responsibility to provide a habitable space, As far as legal matters the landlord is basically responsible for: property repairs, heat & hot water, gas & electrical appliances and air conditioning. keeping the home habitable.
A landlord has rights to:
Terminate the lease and evict the tenant for breach of any of the obligations under the lease or for substantial damage to the property.
Change the terms of the lease agreement, for example, raising rents must be done with an agreement from the tenant, or when you decide to renew.
Tips for Creating an Irresistible Offer for Your Rental Property
If you are thinking about creating a rental property marketing campaign, then the first step is to create an irresistible offer. Here are some marketing tips agents use that can help you do this.
1. Develop a catchy name for your property: This is the first thing that people see when they’re browsing properties online.
2. Include high-quality imagery: People want to know what it feels like to live in your property and what their children will enjoy playing in the backyard or on the playground.
3. Add other features such as amenities, proximity to social activities, and convenience: This helps people decide if they would like to live there and feel its positive impacts on their life, which leads them to purchase your home!
Is buying a home or buying stocks a better investment?
It is a common question that people ask themselves when trying to figure out what's the best investment. There are pros and cons to both.
Investing in stocks can be considered a better investment because of its volatility while investing in real estate might be considered a safer bet because of its stability as well as the low risks associated with it.
Buying an apartment is not recommended for someone who cannot afford to pay the mortgage, rent and all the associated expenses that come with owning an apartment.
What to Americans think about investing in a home, vs stocks?
93% of Americans Believe Buying a Home is a Better Investment Than Buying Stocks
On March 10th, 2015, the Federal Reserve Bank of New York published "The Impact of Lower Interest Rates on Household Balance Sheets." In the blog post, they noted that "93% of Americans that were surveyed believe purchasing a home is definitely or probably a better money making investment than buying stocks."
-Liberty Street Economics Blog.
If you are looking to rent a property in Arizona, you can get more information about your potential landlord-tenant relationship by contacting us with any questions. We have all the resources necessary to help you find the perfect rental home. Our agents will speak with you and go over the details of your lease and rental agreement paperwork.
Potential landlords this is just the positive side, not the legal, or the potential expensive part of being a landlord, do your research!