Phoenix Arizona makes more strides in real estate recovery. Phoenix ranks number 7 out of 10 as one of the best cities to buy investment rental property.
Median home price in 2012 for Phoenix: $135,000
Projected home price in 2015 for Phoenix: $162,053
Projected annual rent in 2015 for Phoenix: $12, 268
Phoenix Arizona has quickly become an investors market as many of the city's properties have been turned into rentals to house homeowners that became displaced after the housing bubble collapsed.
With the high demand for rental properties in the area, it has helped rents to rise approximately 7 percent over the past two years according to Rent Jungle.
More good news on the front. The local economy is also on the rise. The Phoenix metro area has recovered nicely, growing 2.2 percent over the past 12 months.
Investors, or for that matter, first time homebuyers who may still be "thinking about it" and sitting on the fence could be missing out on great opportunities. The best time to act may be sooner than later. The housing inventory in Phoenix has shrunk, multiple offers are being received and home prices are on the rise. For the first three months of the year, home prices were more than 5 percent higher than they were in the year-ago period.
Why not take advantage today of one of the best buying opportunities ever! I have lived in the Valley of the Sun, Scottsdale specifically, for nearly 19 years and have bought and sold my own rental properties over the 19 years. Contact me and let me help you make your investment purchase.
Associate Broker for AZ Powerhouse Realty
Source: Local Market Monitor, HomeVestors, National Association of Home Builders, and Rent Jungle.
Cities were ranked by estimated future returns investors can expect when they buy single-family homes to rent out, compared with the projected national average future return of 5%.