Renting Out Your Home in Phoenix: Initial Legal Concerns & Costs

So you have decided to make some extra money by renting out your home in Phoenix, AZ. Before making the leap, there are a few things you need to consider. 
Did you know that most states have Landlord/Tenant laws that can affect what you can and cannot do within the rental relationship? How about local health codes and/or city or county licensing requirements for rental properties? Do you have to have carbon monoxide detectors or how many smoke detectors are required? When is rent due and what is the legal late fee? And then there is the question of security deposits: whose money is it and when does it need to be returned? How do you make a claim to be reimbursed for expenses incurred by the tenant?
As you can see there is quite a bit to know about being a Phoenix Landlord and many ways to put your investment property and yourself at risk by not following guidelines, rules, ordinances and laws pertaining to rental properties. Before renting out your home, make sure you familiarize yourself with these items and talk with your insurance provider to make sure you have an investment property or landlord policy as a homeowner’s policy will not cover loss, damage or injury once you are no longer the primary resident in the home. You will need to plan spending three to seven hours to familiarize yourself with the various legal and insurance considerations before renting out your home.
Next you will need to have a way that the prospective renters can apply to rent your property. Leases can be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases are not compliant to your local laws, and expose you as a Landlord to undue risk and liability. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. It is a good idea to have your lease reviewed by legal counsel to ensure the lease protects your rights as well as is compliant with your state’s laws.   You will need to plan spending two to three hours finding a lease, as well as $100 to $300 for an attorney to review your lease to ensure that it complies with regulations.

RPMWV Phx offers full service Phoenix Property Management & Real Estate Services.  For more information on all of our services please visit our website at or call 602-281-2884
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Overview of RPM WV Phoenix Online Tenant Portal System for Phoenix Property Management

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Listen to our most recent podcast which provides an overview of our online tenant portal system for our Phoenix Property Management clients.  As always, we end our podcast with a free Phoenix Property Management Tip!

RPMWV Phx offers full service Phoenix Real Estate products including but not limited to Phoenix Property Management and Phoenix Real Estate purchases and sales.  For additional information on our products please contact us at 602-281-2884 or visit the rest of our website at

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The Top 3 Things to Consider Before Approving an Out of State Applicant for Your Phoenix Rental Home!

As Phoenix Property Managers, we get a lot of leasing calls from out of state applicants especially given how transient the Phoenix metro area can be.  Due to our vast experience, we are always concerned about leasing to out of state applicants and here are the top 3 some things to consider about before approving your out of state applicant.

1. Many times out of state applicants own a home in another state but relocating to Phoenix for employment or family which means it is easy for them to abandon the rental property in Phoenix and just move home.  Think about it, if you owned a home and rented one which payment would you be more concerned with paying; your mortgage or your rent?

2. Many times out of state applicants are re-locating to Phoenix for a new job – if that is the case do you accept any kind of offer letter?  Absolutely not!  Our credit requirements require the job to be with a large, national company with an office in the local Phoenix area that can be verified.  Also, make sure you call the main company phone line and speak with Human Resources to verify the letter and offer.

3. What about if the applicant doesn’t have a job but offers to pay you a few months up front…we say RUN and run fast!  It is just too risky to rent to someone who does not have employment secured in the Phoenix area and if they are just going to begin their search when they move into your home who knows how long it will take.

We can certainly empathize that having your Phoenix rental home vacant can certainly hurt your cash flow but allowing a high risk tenant in the long run can end up making your cash flow hurt even more!

RPMWV Phx offers full service Real Estate services including but not limited to property management and real estate purchase/sales transactions.  For additional information about our services, please visit our website or reach us at 602-281-2884

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Phoenix AZ Rent Check Sept – Oct 2016

The following monthly rent statistics is from the ARMLS rent check so it measures rental properties that are advertised and leased through the assistance of the MLS (Multiple Listing System).  In September of 2016, 2,295 properties rented as compared to 2,600 in September of 2015. Additionally, the median lease amount was $1,295 with an average lease amount of $1,477.  The average days on market was 30 so this indicates that the rental market appears to be reaching more “normal” levels as opposed to several years ago when properties were renting in a day or two.  The rent quotient was 3:10 meaning that for every three leased properties, ten homes sold so could the Phoenix Metro area be heading for another bubble?

RPMWV Phx offers full service Real Estate Services for the Phoenix Metro area including property management and full real estate sales.  For information on our services please visit our website or call us at 602-281-2884

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