What Is the Rental Market Condition in Scottsdale?

If you are considering buying an investment property, or you already have a property you are considering renting, chances are you want to know whether the market conditions are in your favor. Fortunately, Scottsdale is a fantastic and still growing city with new people arriving all the time. Many of those people will be renting rather than buying, which means that having an investment property could be a good idea.

The Market Seems Solid

The overall real estate market around the country has been strengthening in recent years, and the price of homes has been rising slowly and steadily. This actually bodes well for those who have investment properties, since improvement in the real estate values often means the rent prices will go up along with them. The economy is strengthening in Scottsdale and neighboring cities as well, which will draw in even more people. Even though the prices are going up, most still find the area to be affordable to live, and that is one of the things that renters from other states and even from other parts of Arizona are looking to find.

When high quality rental properties come onto the market, they typically do not last for long. There seems to be an insatiable appetite for properties in the area when it comes to purchasing and to rentals. Of course, you will find that the units that move quickly are those that have certain characteristics. They have a fair rental price, they are in good locations, and they have nice features and amenities. That’s not to say that other units will not find renters; it just might take longer if there is nothing to separate it from the rest of the options on the market.

Do Your Research

Even though the Scottsdale rental market is strong, you still need to do your research if you are considering investing in a rental property or trying to rent your current unit. Make sure that the property you are considering buying is at a good price, and that the rent you could ask for that unit will be enough. Take the time to look at the current rental rates in Scottsdale for properties similar to the one you have or want to buy. Will the rent be enough to amortize your monthly mortgage payment, or you will you still be paying some of it out of pocket?

You might find that improving the unit in some way, such as adding new appliances or even a new coat of paint, can make it more attractive to potential renters. Look for ways to make your property stand out and it will often find quality renters more quickly.

How Long Will Your Rental Be on the Market?

One of the questions that many new landlords ask is just how long their property will stay on the market before someone rents it. The answer to this is complicated and varied for a number of reasons. First, it depends on the quality of the unit, the size, and the location. It also depends on the amount of marketing that they do for the property. Even a great rental unit will sit on the market for months if no one knows about it.

Remove the Guesswork

One of the best ways to remove all of the guesswork when it comes to renting a property is to speak with a property management company. They can let you know the current conditions, which can change through the year. If you choose to rent a home in the area, you can have the Scottsdale property management company take care of marketing the property and finding tenants as well.