Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – July 2024 Typical Rent: $1,884 (0.8% increase year over year) Single Family: $2,337 (2.4% increase year over year) Multifamily: $1,624 (-0.3% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – …
July 2024 Rental Market Update – Phoenix
10 Lease Clauses That Protect Landlords
To you, as a landlord, your lease is the most essential document in your rental property business. It outlines your and your tenant’s rights and responsibilities and is your first resource when questions arise. Additionally, a well-drafted agreement can provide critical protections for the landlord. Here are ten types of clauses to consider when drafting …
Book Review: First-Time Landlord’s Guide
On the surface, being a landlord may look like an easy, straightforward way to earn money. However, new rental property owners quickly learn that the landlord’s role involves many complexities. Apart from maintaining the property and vetting prospective tenants, landlords must collect late rent, handle tenant complaints, and organize records. For all these common quandaries, …
Should I Create an LLC for My Rental Property?
Owning a rental property exposes landlords to many legal risks—from on-site injury claims to disgruntled tenants’ lawsuits. Every business will have different needs, depending on its size, ownership structure, and local laws. The right insurance should provide some measure of coverage. However, many landlords incorporate another layer of business protection by creating an LLC for …
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7 Tips for Dealing with Demanding Tenants
Landlords often devote most of their time to a small percentage of their tenants. Whether these renters are endlessly complaining, asking for rent extensions, or requesting maintenance at night, a demanding tenant drains your financial and emotional resources. Here are some ideas for improving your interactions with these challenging renters: Listen to understand. Open communication …
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7 Ways to Attract Tenants in a Tough Market
The rental market can be unpredictable. Some available units fill almost instantly one year, while vacancies sit open for months the following year. However, rental properties are only beneficial investments if they’re occupied by rent-paying tenants, so a tough market may require extra effort and creativity. 7 tips to make your unit stand out Rental …
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June 2024 Rental Market Update – Phoenix
Rental activity and trends for the Phoenix Metro area as reported by Zillow Research – June 2024 Typical Rent: $1,889 (1.1% increase year over year) Single Family: $2,341 (2.4% increase year over year) Multifamily: $1,631(0.1% change year over year) Observed Rent Index – Phoenix Single Family vs. Multifamily – Phoenix Observed Rent Index – United …
A Landlord’s Guide to Basic Real Estate Terms
Getting started as a landlord can be intimidating as you navigate maintaining a rental property while working with individual tenants. There’s also enough new terminology to make anyone’s head spin! Read on for the definitions of twenty common real estate expressions to get you started. Abatement is a lease term or legal provision allowing a …
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5 Ways to Deodorize Rental Units
No one wants to live in a smelly home, and tenants are no exception. Foul odors in a rental unit can originate from many sources including smoke, pet accidents, mold, and burnt food. But unless a landlord removes all traces of these foul smells, he’ll struggle to secure a new renter. So, how can you …
What Is a Landlord’s Responsibility When Someone Gets Injured on His Rental Property?
What Is a Landlord’s Responsibility When Someone Gets Injured on His Rental Property? Injuries can happen anywhere. Potential risks abound, from slippery sidewalks to falling tree branches to loose railings. But when injuries occur on a rental property, responsibility gets murky. The landlord’s duty to provide a habitable unit includes keeping the property structurally sound. …
