If you are considering investing in Phoenix real estate, you have come to the right place.
Many people are thinking of starting or growing their property portfolio in 2023. It is no secret that investing in real estate has several advantages. Yet, everyone knows the key to a successful investment is location and timing.
We are here to tell you that 2023 is the perfect year to invest in Phonix real estate.
If you are a real estate investor and want to learn why you should invest here, keep reading our extensive guide.
1. Rent Prices Are Rising
Since 2021, rent prices in Phoenix have steadily increased. From then until now, one-bedroom flat rent prices in the state have risen by almost 33%. That makes it the fifth-highest increase nationwide.
If you had a real estate property in the area during the period, a $1,000 rental income could have turned into $1,300.
The good news is that it is not too late to get in on the action. Nonetheless, real estate trends can change quickly. Therefore, you should search for a property in Phoenix today.
2. Real Estate Market Is Stable
One of the only concerns when becoming a real estate investor is if the market is stable. Not only is it steady, but if it ever drops in the future, housing here will always be in demand.
If you own a home in Phoenix, the chances are the value of your property will increase in only a few short years. That is especially true if your house has outdoor space, as the land sees the most increases.
3. Vacancy Numbers Are at a Low
The United States Census Bureau says housing vacancy rates hover at all-time lows. That goes for homeowners and renters.
The low vacancy rates are crucial as it shows a high demand for housing in the nation. And when the need for houses increases, the cost of rent also rises.
Vacancies are down nationwide, but Phoenix has one of the lowest. The city has a rate of only 3.8%.
4. Plenty of Developments in Phoenix
In recent years, several new developments have sprung up in the suburbs. Mesa and Bulbert are among the most popular neighborhoods.
These new developments allow you to expand your portfolio without breaking the bank. Costs here are significantly lower than in the city center and downtown area.
Since there are many developments, you won't have trouble finding real estate options in Phoenix.
5. Growing Tourism Sector
Due to the global pandemic, the travel sector suffered dramatically over two years. 2023 is the first year tourism is back in full swing, and people hope to travel more than ever.
In 2019, over 19 million visitors came to Phoenix. Experts predict that number to rise this year.
With a real estate investment in the city, you can rent your property on platforms such as Airbnb and Vbro. These short-term rentals generate up to five times the rent per night compared to long term.
6. Neverending Passive Income
Passive income is earnings that are received automatically with minimal labor to maintain. Investing in real estate is one way of earning through this technique.
You don't have to lift a finger if you hire a property management service. Pay a small monthly fee, and we will do the hard work.
Since there will always be a demand for housing, the passive income will never end.
Invest in Phoenix Real Estate Today
Increasing your property portfolio is an excellent way to boost your monthly income. But with every financial investment, you must do your homework. Otherwise, you may suffer paying for your mistakes in the upcoming years.
If you've made it this far, you've learned some of the benefits of investing in Phoenix real estate. So contact us today to find the perfect property for you while the market is still red hot.