If you're looking for a place to invest in a rental property, Phoenix real estate should definitely be in the running. People from all over the country are flocking to Arizona's sunny capital. It welcomed 25,194 new residents in the last year, making it the fastest-growing city in the entire country for the fifth year in a row.
Phoenix properties have been increasing in value for several years. But what is it about real estate in Phoenix, Arizona, that keeps drawing in new residents and investors? Let's explore five advantages this city has to offer to landlords.
1. Surging Rents
Figures from Bloomberg indicate that the average rent of a one-bedroom unit in Phoenix rose by 117% from September 2020 to September 2021. Couple this with the number of people moving into the city each year, and you've potentially got a lot of rental demand.
2. High Demand
The same Bloomberg report showed that 97% of rental units are occupied in the Phoenix metro area. One of the reasons for this high demand for rental units is the number of people who are moving to Phoenix for work.
Arizona properties are becoming more and more expensive for local families to buy. This means that there is stronger rental demand for all types of Arizona real estate.
3. Strong Job Market
The job market in Phoenix has shown itself to be resilient. There have been employment gains in areas such as manufacturing and technology. This makes it a potentially attractive place for investing in real estate.
Wages and salaries for private industry workers also increased by 6.6% over the last year in Phoenix. That compares favorably with the national figure, which stands at 5.2%.
4. Prices Settling Down
House prices are always difficult to predict. But after rising year on year for several years, there are signs that the surge in the cost of real estate in Phoenix may now be leveling off. This may give you an opportunity to get a great deal on a piece of real estate in Phoenix, Arizona.
5. Great Place to Live
Phoenix may have a reputation for being hot, but there's a lot more to it than many hours of sunshine. It's a great place for people who love the great outdoors. The favorable climate makes it perfect for all kinds of outdoor activities, and the local scenery is stunning.
It has parks, museums, and a vibrant downtown. All of this makes it attractive to renters, which makes it appealing to investors.
Advantages of Real Estate in Phoenix, Arizona
Phoenix, Arizona, is proving itself to be a very welcoming place for transplants from all around the country. The market for real estate in Phoenix, Arizona, has been red hot for years.
Whether you're an Arizona native or an out-of-town investor, Home River Group Phoenix is here to make life easier. Our property management services allow you to invest in a low-stress way.
Contact us today to find out how we can be of service to you.
