Looking to make a move to a new home but not sure if you want to sell your current home? We spoke with Chief Strategy Officer and Designated Broker Eric Dixon at On Q Property Management, for some dos and don’t’s then it comes to the home rental market.
Question: What is the demand for rental properties in the valley right now?
The demand for affordable housing is extremely high. Therefore, when priced correctly or aggressively, rental properties are leasing very quickly. The challenge, and opportunity we have, is educating rental property owners to be fluid with the market at hand. If a rental property looks great and has been on the market for more than 2 weeks, the price needs to be adjusted.
Question: What do you need to know before you consider exploring the idea of renting your home?
If you are considering becoming a landlord, make sure to go into it with the right expectations. Renting your home is not a get-rich-quick scheme. It is a long-term investment that has its pros and cons, just like any other investment. Some years you’ll make money and some years, you’ll lose.
Question: Why should you use a property management company if you are going to rent out your home.
If you are serious about your rental being a long-term investment, select the best property management company you can. A property management company will create a separation between you and the residents so you can focus on what your own home. Investors who hire a Property Management company realize their time is better allocated to making money and memories, not chasing rent and moonlighting as a property manager.
Question: What do you see happening with rental properties over the next 5 years in the valley?
In the valley, builders can’t keep up with the amount of people moving in. Whether it is for weather or the job market, Phoenix is a great destination. The rental market has always been strong and will continue to stay that way with adding 60,000+ new residents a year.
“ The rental market is full of flexibility and mobility. You can try different cities and neighborhoods and the landlord handles all major repairs and mechanical failures while you just keep the property clean and tidy.”