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The Rental Market: The Face of Phoenix-Area Real-Estate Market New Reality

By
Services for Real Estate Pros with The Law Office of Mark Tucker

On January 30, 2011, the Arizona Republic published an excellent article by, J. Craig Anderson, "Phoenix-area real-estate market may face new reality" that deftly summarized the history of upward and downward spiral of the Phoenix real estate market due to the mortgage financing muddle which started to unravel in 2006 and which has continued to decline 0to present date. The reality is that the residential rental market is the new growth market for real estate in the metro Phoenix area. 

Smart real estate professionals realize that a larger and larger portion of the residential population of the Phoenix housing market rents, rather than purchases their homes. A savvy real estate practice will jump into this niche, which will require the sharpening of some professional skills. It is absolutely necessary for real estate professionals to be well-versed in the Arizona Residential Landlord and Tenant Act in which is different that the familiar ins and outs of buying and selling real estate. A nice summary of tenant rights (which affects residential landlords) can be found in "The Tenant's Rights Handbook" found on the Arizona Secretary of State's website at

http://www.azsos.gov/public_services/Publications/Residential_Landlord_Tenant_Act/.

There are only a handful of attorney's, including this office, who routinely provide legal services to Arizona residential landlords or tenants. If questions arise, don't hesitate to contact a legal professional for advice.

Comments (3)

Sarasota & Manatee Counties FL
SaraMana Properties - QuickFreeMLS.com - Bradenton, FL
QuickFreeMLS.com - Listings In Paradise

This phenomena is not only presenting itself in Phoenix Mark.

Feb 01, 2011 04:07 PM
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

This is in the real estate cycle that happens on it's on - happened in the mid-70s - and it will take LONGER this cycle BECAUSE the global economy is involved more so than 40 years ago

Feb 01, 2011 10:27 PM
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

We have seen a lot more renters in our market over the last few years. Personally, we refer these out but I do know some agents who have really embraced them as a large part of their business.

Feb 06, 2011 05:38 AM