A glance across Main Street in a bustling town reveals a blend of restaurants, stores, and services at ground level with apartments rising above them. Many downtown condominiums inhabit the same city block as coffee shops, supermarkets, and theaters. Every day, more of these mixed-use developments rear their heads. And landlords wonder if they should …
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Here’s the latest rental activity and trends for the Phoenix Metro area for February 2023: Closed Rental Units: 2,185 (20.58% increase year over year) Median Lease Rate: $2,095 (0.24% decrease year over year) Average Lease Rate: $2,292 (0.97% increase year over year) Average Days on Market: 41 (65.38% increase year over year)
A homeowner association (HOA) is an organization that supervises a subdivision of apartments, townhouses, condominiums, or single-family homes. Every property owner within the subdivision automatically becomes an HOA member. As such, he must pay dues to the organization and abide by its policies. In turn, the HOA’s board of directors oversees the proper maintenance of …
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During the screening process, landlords must ensure that potential tenants are financially able to pay rent on time and in full each month. But answering application questions doesn’t necessarily offer adequate assurance. Responses may be manipulated or may not represent consistent, ongoing income. As a result, property owners may ask applicants to provide proof of …
Rent abatement comes up often in reference to commercial properties. But it can also apply to residential leases. For that reason, residential property owners should understand abatement and how it affects landlords’ and tenants’ rights. What is abatement, and when does it apply? Abatement terms can vary among leases. But these terms free tenants from …
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Retirees often downsize from family homes to smaller rental properties. This fact makes senior citizens a significant body of potential tenants. In many respects, seniors make desirable renters since they are often quieter, less prone to recklessness, and are more experienced property caretakers. But the senior population also requires specific considerations from their landlords. Here …
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Here’s the latest rental activity and trends for the Phoenix Metro area for January 2023: Closed Rental Units: 2,107 (39.26% increase year over year) Median Lease Rate: $2,045 (2.62% decrease year over year) Average Lease Rate: $2,269 (1.60% decrease year over year) Average Days on Market: 43 (65.38% increase year over year)
Sometimes, even though a tenant intends to fulfill the lease agreement term, he can’t follow through. After all, life’s major adjustments—relationship changes, job transfers, health conditions, or family deaths—don’t occur at convenient, predictable times. When a tenant moves partway through a lease, he may wish to rent his space to a different tenant for the …
A fixed-term lease is typically the norm for landlords and tenants entering a rental agreement — and for a good reason. Landlords appreciate a stable rental income, and tenants usually want to settle into a homey unit for more than a month or two. But month-to-month leases also hold an important place in the property …
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Your rental property is cleaned and spruced up. Finally, you’re ready for a tenant to move in and start producing a steady stream of income for you. But how do you reach potential tenants to let them know your unit is available? Here are some ways to get the word out. Classic Signage: While physical …
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