Passive income is the holy grail of real estate investors, but finding these cash cows is a bit trickier than what meets the eye. While becoming a landlord is more than letting people live at your home, attracting the right tenants is key. By knowing where to find rental properties, and great tenants can make renting a dream come true. If you are looking to expand your real estate investing and find more rental properties in Phoenix, you are in luck! The following tips will make finding the ideal rental property easy!
Finding the Right Neighborhood for your Rental Properties in Phoenix
The better the neighborhood the better quality tenants you will attract to your rental properties. The best neighborhoods will have great schools, easy access to highways and short commutes to most business parks. Your Ideal neighborhood will have low crime rates, and nearby parks and amenities or your tenants. Learn more about how to find the best neighborhoods here!
If the job market is taking a hit, your rentals will too. Not only will you see a rent decrease but a slower influx of new residents to will make renting your properties more difficult. However, rental properties in Phoenix are at an all-time higher, and more and more people are moving to Phoenix every day. Keep track of your local job market and see what major companies are moving in and out of your area at U.S. Bureau of Labor Statistics. Phoenix has one of the largest job markets in the country and those with rentals already have seen a dramatic rise in profits this year alone.
Did you know that millennials are leaving apartments and moving into homes for their pets? You can capitalize on this information by offering as many amenities to the next generation as possible. Aside from offering a great property to live in, having nearby amenities will help get more tenants into your spaces. Rental properties in Phoenix that are doing will tend to have the following nearby: parks, dog parks, libraries, coffee shops, malls and more!
Surrounding Listings and Vacancies
Knowing when and where is the right place to optimize your rental properties in Phoenix is key to be successful. If there are too many rentals in the same area it may be a competition to get tenants and you may need to undercut your rent in order to compete. Low vacancy areas allow you to charge higher rents, while higher vacancies will lead you to drop rental prices to try and fill your spaces. You also want to make sure that you are competitive and offering a rental rate that will attract tenants.
Thankfully you can easily find rental information and even search by area so you can see how many rentals there are and how to optimize your space! One way to get a leg up on your competition is to know how to better list your vacancies and advertise to the right tenants. By taking advantage of listing sites, social media, and more you can have tenants flocking from all over the city. Learn more about how to market your space here.
Upgrading Your Rental
You can guarantee a filled rental property in Phoenix by offering updated properties to potential clients. Beautiful living spaces and trendy kitchens are an easy way to get quality tenants who will care for your space. You can even stage your space prior to showing to improve selling rates and let people see how they will live in your space. You can read more about how to stage your rental here. It’s easy to upgrade a property using a home rehab loan, and the upgraded amenities will have tenants knocking on your door.
Home Rehab Loans make upgrading your rental properties in Phoenix quick, fast, and painless! Prime Plus Mortgages are the #1 home rehab lender in Phoenix, and offer home rehab loans for your real estate investing projects fast! Home rehab loans are based on your property value, including your after repair value. We approve the loans same day and will have you funded faster than the competition. No need to worry about your credit history, or lengthy paperwork, our two-step application process is hassle free! Apply for our home rehab loans here!