COVID-19 Phoenix Rental Statistics

Most Phoenix rental statistics have taken a beating due to COVID-19.   Real Property Management Phoenix Valley’s property owners are weathering the storm pretty well.  Our COVID-19 Phoenix rental statistics currently are: 97.8% of our tenants paid April rent on time.  Additionally, all of our tenants have confirmed dates they will be paying rent within the month of April.  How have we beat the odds?  Well, we have an exceptional pool of tenants that have a good chance to keep current in this tough situation.  Two key factors in placing good renters are quality tenant placement and a laser focused rent collection process.  There are four factors in tenant placement, rental history, credit history, income and job stability. We have found that each of these steps is important and can be tricky. For example, rental history questions need proper phrasing. You also must also be able to navigate around traps that apply to rent verification

A laser focused rent collection process is crucial. It is important to set rent expectations early and use technology to automate the payment process.

The good news is that there is help if your tenant needs it and this is because  the State of Arizona has taken action regarding the Covid-19 Virus and it’s effect on the Phoenix rental statistics.  On March 24, 2020, AZ Governor Doug Ducey issued an executive order delaying the enforcement of eviction action orders for renters impacted by COVID-19. The order applies to renters who are quarantining due to COVID-19 or are facing economic hardship as a result of the outbreak. It will remain in effect for 120 days.  Additionally the rent is still due.  The Governor also announced $5 million in new funding to help Arizonans struggling to make rent due to COVID-19

 

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Phoenix Property Manager Statistics

Phoenix property management statistics place Real Property Management Phoenix Valley on several “Best of” lists!

Tens of thousands of property owners nationwide trust local Real Property Management offices to manage their investment properties nationwide. As a result, we are North America’s largest residential property management organization. Real Property Management Phoenix Valley has been successfully serving the Phoenix area for over 13 years. We exceed property owners expectations year after year and are consequently on several “best of” lists including expertise and propertymanagement.com. Here is a break down of our Phoenix property manager statistics that make Real Property Management Phoenix Valley so successful.

1. We average an occupancy rate of 97-99% so only 1-3% of our homes are vacant and available at anytime.  This leads to less “downtime” for our property owners
2. Less than a 1% eviction rate. Eviction success rate is attributed to our triple filter tenant screening program
3. 88% tenant retention. This number far exceeds the Phoenix industry average because Phoenix tends to be a very transient city.  Furthermore this statistic means less turn over costs to the property owner.
4. 92.5% of homeowners have NO out of pocket turn over costs at tenant vacancy! This includes tenants who were in the property 5+ years!
5. 99% of our tenants fulfill their lease agreement the full term

Our Phoenix property manager statistics don’t lie but instead produce “best of” property management services in the Phoenix metro area. So before you sign with any other firm, give us a call to discuss your property management needs. We know that you will see Real Property Management Phoenix Valley is the number one choice for residential property management in Phoenix and surrounding areas. Our service areas include Phoenix, Scottsdale, Avondale, Glendale, Cave Creek, Peoria, Surprise, Goodyear, Laveen, Tolleson and more! 602-358-8130

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Rent Prices in Surprise vs. National Rent 2016-2019

This comparison looks at National rent prices vs Surprise rent prices from 2016-2019.

Real Property Management Phoenix valley has built a chart to show key figures so that you can get a good idea of how rent in Surprise, AZ has increased compared to the national increase in rent prices.

The below chart includes the following Surprise rental property rates based on rent cost per square foot times 2000 square feet. The national rent figures were provided by Zillow.

The data for Surprise  was collected from the Arizona MLS for unfurnished, non-vacation, detached homes.

There are some very interesting numbers in this chart. Over the last 4 years, rent prices in Surprise increased at a rate 18.7% greater than the national rent increase (23.9% Average Rent Increase in Surprise vs. a 5.2% National rent increase). The rent price in Surprise has increased $330 from 2016 to 2019. A 2000 sq foot property in Surprise fair rent price in 2016 was $1340 vs. $1660 in 2019. The average rental price Nationwide was $1,489 in 2016 vs. $1,566 in 2019. Rental rates nationwide have increased gradually but in Surprise you can call them very Surprising.

If these numbers have motivated you to purchase investment properties listen to our podcast below which includes our property investment purchase cheat sheet

 

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Rent Prices in Surprise 2015-2019

This comparison looks at Surprise rent prices from 2015-2019.

Real Property Management Phoenix valley has built a chart to show key figures so that you can get a good idea of what is the fair rent in Surprise, AZ and how rental property prices in Surprise compare with the national Consumer Price Index.

The below chart includes the following Surprise rental property data points from left to right– Year, Number of Properties Rented, Average Sq. Ft. of property, Rent Price of Property per sq. ft, Percentage of Rent Price Increase year to year, Average Days on the Market and the national CPI from year to year.

The data was collected from the Arizona MLS for unfurnished, non-vacation, detached homes.

There are some very interesting numbers in this chart. Over the last 5 years, rent prices in Surprise have increased at a rate that is 5x the national CPI (7.6% Average Rent Increase vs. 1.5% Average CPI increase). The rent price per square foot has gone has increased 21 cents from 2015 to 2019. A 2000 sq foot property in Surprise fair rent price in 2015 was $1249 vs. $1673 in 2019. Rental property inventory in Surprise took a 23% decrease in 2016 but has remained relatively stable since then.

If these numbers have motivated you to purchase investment properties listen to our podcast below which includes our property investment purchase cheat sheet

 

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Phoenix Real Estate Sales

Real Property Management Phoenix Valley Phoenix real estate sales
Real Property Management Phoenix Valley Phoenix real estate sales

Real Property Management Phoenix Valley is a full service real estate brokerage company.  Our services include residential property management, home owner association management and Phoenix real estate sales transactions.  Using a recent Phoenix real estate sale we are going to highlight why the correct purchase price is so important.

A client contacted us in August to list his Phoenix home for sale.  We provided a sales comparable market analysis that indicated the market sales price was between $235K – $245K.  The client decided (outside of our recommendation) to list the property at $275K.  We did explain that absolutely none of the market comparable properties indicated that market price was anywhere near that amount.  Additionally, we did advise that if we couldn’t find comparable properties to support his purchase price than most likely the appraiser wouldn’t be able to either.  The seller’s response was that “he knows that Phoenix real estate prices are skyrocketing”.

From the end of Aug to the end of Sept the client did authorize two price reductions with the last bringing the price to $259,999 on September 23rd.  The client did advise that if he didn’t receive any offers by Oct 1st he was taking the property off the market.  Much to our surprise an offer for $260K came in on 9/30/19.  The buyer wanted 2% seller concessions which the seller agreed to.  Next the buyer completed the inspection and made their formal repair requests.  Their requests were as nit picky as tightening outlets!  Unfortunately, because the buyers were purchasing so above market they were expecting the seller to make an eleven year old house brand new.  Their requests were as unreasonable as the sellers purchase price!  However after a few days of negotiating both sides agreed on repair items and the appraisal was ordered.

When we received the appraisal with a value of $240K we were not surprised.  We sent the seller a copy and he reduced the price to $255K.  As his agent we were obligated to present the offer to the buyer’s agent and they declined.  We would have been surprised if they had proceeded and agreed to pay $15K over market price.

With all of our Phoenix real estate sales we try to educate buyers and sellers to the current market prices so that educated decisions can be made.  We certainly can’t prohibit a seller from listing their home at a sales price they decide but we were very surprised that a buyer represented by an agent put an offer in without having any comparable properties to support the price.

For more tips on purchasing Phoenix real estate listing to our podcast “purchasing phoenix rental property”.  For recent Phoenix real estate sales statics visit the ARMLS statistics.

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Gilbert, AZ Rental Property Comparison of two zip codes; 85296 & 85234!

Real Property Management Phoenix Valley compiled a comparison of the Gilbert rental zip code 85234 and the Gilbert rental zip code of 85296 during the time periods of 2015 – 2018.  Real Property Management Phoenix Phoenix Valley utilized data from the MLS (Multiple Listing System).
 
The 85234 Gilbert zip code is west of Power, east of Gilbert, south of Baseline and north of Elliott.  The total population is just under 51, 000.
 
The 85296 zip code is west of Power, east of Gilbert, south of Elliott and north of Ray.  The total population is around 42, 500.

Real Property Management Phoenix Valley comprised the above spreadsheets which illustrate the year, zip code, number of properties that rented, average rent and average days on the market for both the 85234 and 85296 zip codes.  The 85296 Gilbert zip code saw an increase in rental prices from 2017 to 2018 of 9% whereas the 85234 zip code saw an increase of less than 7%.  Interestingly the homes in the 85296 zip code rented much faster than the 85234 zip code in 2018. 

The 85234 zip code is comprised of almost 23% renters whereas the 85296 zip code is comprised of almost 30% renters.  Both zip codes are excellent for owning investment property as average income in 85234 is approximately $98K and $104K for zip code 85296.

For more information about the zip code in which you own a rental or are looking to purchase a rental please contact us at 602-358-8130.


For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix Phoenix
www.rpmphoenixvalley.com
602-358-8130
info@rpmphoenixvalley.com 

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Real Property Management Phoenix Valley Top 5 Avondale Subdivision for Rental Properties

Real Property Management Phoenix Valley analyzed single family rental property subdivision statistics within the main neighborhoods in Avondale AZ utilizing the MLS (Multiple Listing System). We identified the top 5 rental property subdivisions in Avondale, AZ for closed rental volume during 2018.

The city of Avondale, AZ  runs east and west of the I-10 freeway from 99th Ave to Litchfield Road and is strategically located near not only the I-10 but the Loop 101 as well.
Avondale, AZ – number of closed single family rental property transactions for year to date 2018 = 442.  Top 5 subdivisions break out as follows:
 
Coldwater Springs – 60
Rancho Santa Fe – 27
Crystal Gardens – 26
Garden Lakes – 23
Glenhurst – 21
 

As opposed to the Goodyear subdivision analysis completed by Real Property Management Phoenix Valley; Avondale has a ton of neighborhoods with rentals so the number of closed rental transactions per neighborhood is smaller.

The top 5 rental property markets in Avondale represent 36% of the closed rental property transactions in Avondale, AZ for year 2018. This is in stark contrast to Goodyear and more in line with Surprise in which the top 5 neighborhoods also represented 36% of the total closed rental home volume.  The remainder was spread out among the other Avondale neighborhoods.

Here is the average rental price for the top 5 Avondale, AZ rental neighborhoods as per Real Property Management Phoenix Valley’s analysis:

 
Coldwater Springs – $1322.00
Rancho Santa Fe – $1335.00
Crystal Gardens – $1414.00
Garden Lakes – $1611.00
Glenhurst – $1427.00

 

 

Overall the Avondale rental area is an excellent area for Phoenix rental properties as illustrated by the average rent that is achieved and listed above.  Additionally, its’ close proximity to two main freeways increases the appeal.
 
For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix Valley
www.rpmphoenixvalley.com
info@rpmwvphx.com 
 
602-358-8130
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Real Property Management Phoenix (WV) Top 5 Goodyear Subdivision for Rental Properties

Real Property Management Phoenix (WV) analyzed single family rental property subdivision statistics within the main neighborhoods in Goodyear AZ utilizing the MLS (Multiple Listing System). We identified the top 5 rental property subdivisions in Goodyear, AZ for rent closing volume.

It should be noted that several Goodyear neighborhoods had double digit rental closings.  However, the data from Real Property Management Phoenix (WV) represents the top 5 subdivisions based on closed rental properties year to date.  

Goodyear, AZ – number of closed single family rental property transactions for year to date 2018 = 571.  Top 5 subdivisions break out as follows:

Palm Valley – 119
Estrella – 117
Canyon Trails – 93
Sarival Village – 45
Wildflower Ranch – 41

The top 5 rental property markets in Goodyear represent 73% of the closed rental property transactions in Goodyear, AZ for year to date 2018. This is in stark contrast to Surprise in which the top 5 neighborhoods only represented 36% of the total closed rental home volume.  The remainder was spread out among the other Goodyear neighborhoods.




Here is the closed rental property rental price for the top 5 Goodyear neighborhoods, AZ rental property subdivisions year to date 2018:

Palm Valley – $1716.00
Estrella – $1634.00
Canyon Trails – $1369.00
Sarival Village – $1325.00
Wildflower Ranch – $1299.00



Please note that homes in Palm Valley and Estrella tend to be larger  home with such amenities as three car garages and pools which explains the higher average rental price.

Overall the Goodyear area is an excellent area for Phoenix rental properties.

For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix (WV)
www.rpmwvphx.com
info@rpmwvphx.com 

602-358-8130
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Real Property Management Phoenix (WV) Discusses A Little About Arrowhead Ranch, Glendale AZ; Rental Figures for 85308

Real Property Management Phoenix (WV) studied the 85308, Glendale AZ zip code as well as the Arrowhead Ranch, Glendale AZ Rental statistics.

Arrowhead Ranch, Glendale AZ has a population of approximately 85,000. It is located north of union hills, west of 51st Ave, east of the 101 freeway and south of Deer Valley. It is a neighborhood within the 85308, Glendale subdivision.

All of Real Property Management Phoenix (WV) rental market figures for the 85308 zip code as well as the 85308 Glendale AZ zip code were taken from closed rental data from the Arizona MLS from 2015-2018 (Year to Date).

Below is the data compiled by Real Property Management Phoenix (WV); overall the Arrowhead Ranch area average rent has been higher than the 85308 zip code in its’ entirety. However the average rental price increase from 2015 – 2018 for the zip code of 85308 was 16% as compared to the average increase for the same time period for Arrowhead Ranch of about 10%. The average days on market is substantially lower in the Arrowhead Ranch area year to date for 2018.




A little about Arrowhead Ranch, Glendale, Arizona… 

  • Arrowhead Ranch has almost the same number of males as females with 41,124 males and 42,931 females
  • 53.5% of the population is married
  • Total household expenditures in Arrowhead Ranch are above the average
  • The median age of the current population is 38.40


For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix (WV)
www.rpmwvphx.com
602-358-8130
info@rpmwvphx.com 

Listen to our latest podcast with a further review of the above and to hear our listener question and answer.


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Real Property Management Phoenix (WV) Top 5 Surprise Subdivision for Rental Properties

Real Property Management Phoenix (WV) analyzed single family rental property statistics in the 27 main subdivisions in Surprise AZ utilizing the MLS (Multiple Listing System). We identified the top 5 rental property subdivisions in Surprise, AZ for rent closing volume.
We found great balance within this city from a rental property numbers standpoint and there are several subdivisions with double digit rental numbers.  The data below is for the top 5 subdivisions looking at rental property closings year to date in 2018.
Surprise, AZ – number of closed single family rental property transactions for year to date 2018 = 676.
Surprise Farms – 74
Sierra Montana – 53
Rancho Gabriela – 46
Mountain Vista – 43
Bell West Ranch – 25

The top 5 rental property markets in Surprise represent 36% of the closed rental property transactions in Surprise, AZ for year to date 2018. The remainder was spread out among the other Surprise subdivisions.


Here is the closed rental property price for the top 5 Surprise, AZ rental property subdivisions year to date 2018:
Surprise Farms – $1401.00
Sierra Montana – $1413.00
Rancho Gabriela – $1416.00
Mountain Vista – $1643.00
Bell West Ranch – $1478.00


For all of your Phoenix Real Estate & Phoenix Property Management Needs Contact:
Real Property Management Phoenix (WV)
www.rpmwvphx.com
info@rpmwvphx.com 


602-358-8130

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