Phoenix vs. Nearby Cities
Realtor predicted that the Phoenix metro area would outperform cities across the country in 2017 with dramatic increases in sales and a healthy real estate market boasting low foreclosure inventory. This south-central Arizona city typically features home values around $200,000, but that figure is on an upward swing.
The median listing price in Phoenix tends to stay well below $300,000, which is right in the middle of prices seen in many surrounding cities. For instance, the median listing price for homes in Tucson tends to stay below $200,000, representing a more affordable housing market than what is available in Phoenix. Then you have much higher prices in Flagstaff, where the median sales price has jumped from under $200,000 in 2000 to more than $300,000 in 2015.
Phoenix Property Managers
There are many reasons you may need a little help managing your rental properties. Perhaps you don’t live close enough to personally collect rent, screen tenants and initiate repairs. Maybe you just don’t want to deal with the day-to-day operations. Either way, Phoenix property managers are ready to protect your investment and lighten your load.
Phoenix Property Management Fees
Property management companies in Phoenix will charge a basic management fee that can go up to 12 percent of the rent collected. You may see fees even higher, depending on the exact service delivered. Some management companies will also charge leasing fees to cover their time spent finding tenants for your property. You should also ask about vacancy fees, set-up fees and other additional charges.
Arizona Landlord/Tenant Laws
- Nonrefundable fees must be clearly stated as such in the rental agreement.
- Landlords are allowed to charge a security deposit and prepaid rent, but the total amount charged cannot go beyond 1.5 times the monthly rent.
- Mobile home rentals require a five-day grace period for rent payments, but no grace period is required for other residential properties.