Rental property is an especially hot investment right now in Phoenix Scottsdale, and for good reason – we have a shortage of good quality rental homes, and they are at an all-time high.
While house flipping is largely speculative and depends on short-term appreciation, buying right in the first place, and increasing property values, rental property is a more sure and steady investment option. You can generate solid monthly income in the form of rental payments while at the same time experiencing the benefits of long-term appreciation, and the mortgage payments mostly if not all paid by the tenant.
The same would apply for short term rental homes. Ask me how to go about this.
With the average lease at $1,618/Month and properties ranting in 28 days, it’s a fast profitable rental market.
You see, may consumers may be holding off on home purchases by choice or necessity. It’s safe to say that the mortgage application process and affordability is one of the main reasons that first-time buyers are having a hard time getting onto the housing ladder – many younger people are not savers, but spenders.
For many, renting is the only fiscally reasonable option. Housing prices are skyrocketing, especially in high-demand areas, while wages have stagnated, and those who have poor credit history or are struggling to save up for a deposit are finding it all but impossible to buy. This is especially true when it comes to cash-strapped millennials, who form the largest percentage of renters. Many of them are graduating from college with significant student loan debt.
But it’s not just financial considerations that are at play: Attitudes toward renting are shifting, and it no longer carries the stigma that it once had. There’s also a small but growing minority known as “lifestyle renters” — people who could afford to buy but choose not to, preferring freedom from home repairs and maintenance over the commitment of a mortgage.
Yet, the rental market in Phoenix Scottsdale is booming. So YOU need to capitalize on this – you have no excuses now. Lets call it “Rent Estate”. So if you are toying with the idea or are ready to get going on this – it’s not too late, in fact the timing is perfect.