With new housing complexes increasing constantly, keeping your rental property competitive is crucial. To keep ahead of inflation and rising living costs, you’ll have to raise the rent sometimes. However, renters may be unwilling to pay if you don’t increase your property value. How can you increase the value of your units without breaking the …
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Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – September 2024 Typical Rent: $1,863 (1.0% increase year over year) Single Family: $2,310 (2.4% increase year over year) Multifamily: $1,600 (-0.3% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – …
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If you think being a rental property owner is financially impossible, you should consider house hacking. House hacking means buying a personal residence and renting out your extra space to make money. It’s not being a rental property owner in the traditional sense. But this low-key method can help you transition into a more lucrative …
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While the most common lease term is twelve months, some landlords offer month-to-month leases to their tenants. Under this agreement, either party may end the lease with 30 days’ notice. This arrangement may work well for some landlords but badly for others. Here are some pros and cons to consider as you decide whether you’ll …
Every established business had to start somewhere. So, if you’re considering the rental business to earn extra income, you’re in good company. The tricky thing about a new enterprise is that you don’t know what to expect. Here are some tips from seasoned landlords to start your rental business on the right foot. 1. Have …
Keeping a rental property in good repair can be expensive. Naturally, every landlord wants as many tax deductions as possible to offset those costs. However, only some business expenses are fully deductible, while others are depreciated. Why? And how can a landlord tell the difference? The key lies in the distinction between capital improvements versus …
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Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – August 2024 Typical Rent: $1,868 (0.9% increase year over year) Single Family: $2,326 (2.0% increase year over year) Multifamily: $1,607 (-0.2% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – …
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Landlords count on receiving consistent rental payments to run a profitable business. So, the prospect of a tenant filing for bankruptcy may induce significant alarm. Landlords may ask themselves, “Can I evict the tenants? Should I let them stay in the unit rent-free? Will I ever receive their overdue rent?” Read on to find out …
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Electric vehicles (EVs) are becoming more popular all the time. Car manufacturers continue to increase their production of EVs, and charging stations are popping up in more workplaces and public parking lots. While purchasing these vehicles remains expensive, consumers find the environmental benefits and cost savings worth the initial price. In fact, so many consumers …
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The satisfaction of keeping detailed financial records probably isn’t the top reason most landlords invest in rental property. However, accurate bookkeeping affects your business’s tax deductions, protects you legally, and ensures sufficient cash flow. Here are five tips for making your rental property bookkeeping as accurate and painless as possible: 1. Keep separate personal and …
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