Phoenix News 15 reports that Phoenix rental vacancy rates have dropped to an average of 6.6 percent and that rents have appreciated 2.2 percent. Many landlords are renting clean properties in a matter of days and sometimes carry a back log of interested renters. This strong rental market in Phoenix has been created as foreclosed homeowners looks for rentals as a place to call home. As a result, Landlords in Phoenix are offering fewer concessions, collecting larger security deposits, and requiring stronger credit and income profiles from their tenants. This is welcome news for Phoenix rental property owners.
For investment information on Phoenix rental properties, call (480-221-5449) or email Royce Munroe.
