Here’s the latest rental activity and trends for the Phoenix Metro area for March 2023: Closed Rental Units: 2,254 (17.64% increase year over year) Median Lease Rate: $2,090 (0.48% decrease year over year) Average Lease Rate: $2,241 (1.28% decrease year over year) Average Days on Market: 41 (70.83% increase year over year)

A rental agreement should clearly state the important terms of a tenant’s property lease. Once signed by both the landlord and renter, it is a legally binding contract that lasts until the end date specified in the agreement.   But what if something changes? A tenant who agreed to keep a unit pet-free might wish to …

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When it comes to estate planning it’s tempting to procrastinate. It’s unpleasant to contemplate your incapacitation or death, and estate plans can feel distant and irrelevant while enjoying good health. But planning for the future is essential when passing your assets to your loved ones. And bequeathing rental properties may require special considerations. So don’t …

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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 …

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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)