Four Things to Consider Before Raising the Rent at Your Phoenix Rental Property

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By Goldenwest Management

PHOENIX, AZ. – If you own Phoenix Rental Property one of the most common decisions that you could be facing now most like landlords across the United States is to raise the rent at your rental property in Phoenix or not.

Before raising the rent on one or more tenants at your rental properties in Phoenix here are four things you should consider before raising the rent on your tenants.

#1 – Compare Properties Nearby

Although you may be tempted to raise the rent at your Phoenix Rental the reality is that you should first do a comparison of other properties nearby because you want to confirm what similar rental properties nearby are renting for compared to your property.

Specifically you should be reviewing amenities, sizes and the location of similar rentals in Phoenix because it may be difficult for you to justify a rent increase with your tenant if you haven’t done much to improve your rental in the last 12 to 24 months.

#2 – Think About the Economy

By the time you read this article the state of the economy could have changed and we could be experiencing more job losses in Phoenix, or job growth, so it’s important to also think about how the state of the economy will affect you raising the rent on your tenants because a rent increase could make it more difficult for your tenant to continue living in your property especially if they haven’t received an income increase in the last year.

#3 – Review what’s NEW Businesses Are Nearby?

Another important thing to do when analyzing if it’s a good time to raise the rent on your tenants is to analyze what new businesses have come to Phoenix in the last year because having more businesses nearby like well-known grocery stores, shops and stores is a major incentive for tenants who want to live close to everything and it could also be another motivator for existing tenants to renew their leases when they realize that their favorite grocery store in Phoenix could be 30 minutes away when they move versus around the corner right now.

#4 – Break Down the Cost of Moving

Last of all, but most important, when the time does come to talk with your tenants about raising their rent it’s important to break down the cost of moving vs. staying where they are at.

If your tenant is moving out of town or state it could cost them thousands of dollars for their move versus staying where they are at for another year.

Get Property Management for Your Phoenix Rental Property

Get professional property management for your Phoenix Rental Property by calling Goldenwest Management at (602) 765-4750 or click here to connect with us online.

Multi-Family versus Single Family San Diego Rental Properties

Phoenix Rental Homes

So you’re thinking about investing in San Diego Rental Properties thanks to the explosive growth of the Real Estate market and demand for rental properties.

Before moving forward on adding rental properties in San Diego or Las Vegas to your investment portfolio you must decide if buying single family or multi-family rentals are the best options for your Real Estate investment.

In this post we will break down the benefits of both options so you can be a more knowledgeable investor when you are ready to make a decision.

Why Buy A Single Family Home?

Over the last three years almost everyone from Warren Buffett to the traditional Real Estate investor has been buying single family homes.

If held for a long period of time and purchased at low rates, Buffett says houses are even better than stocks. He advises buyers to take out a 30-year mortgage and refinance if rates go down.

Source – cnbc.com

Some reasons to invest in single family homes include:

  1. You have more leverage: When you buy a single family home in San Diego with a 20% down payment you will be able to immediately see a great return on your investment thanks to the cash flow which will come from that property.
  2. Big Growth – Home prices are still affordable right now compared to historical values and you will be able to buy a home for an affordable price then see a great return on your investment over time thanks to equity and appreciation.
  3. Huge Financial Benefits – Buying a single family home also means you will be able to benefit from the tax deductions which come from owning the property.

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Should You Buy A Multi-Family Property?

There are many benefits which come with buying multi-unit properties including the following:

  • The price per unit is lower than most single family homes.
  • Multi-unit properties offer greater income diversification than single family homes.
  • Processing the paperwork with a multi-unit property is easier than it would be if you were to invest in multiple single family homes.
  • Owning a multi-family property also means you will have lower overhead costs compared to owning multiple single family properties.

About Goldenwest Management

At GoldenWest Management, Inc. we pride ourselves in affordable Property Management in San Diego, Phoenix and Las Vegas. We offer a full range of property management and investment services.

Get property management for your San Diego Rental Properties by calling us today at (858) 792-3442 or contact us online.

Las Vegas Rental Property News – Are You Ready For New Anti-Discrimination Laws In 2016?

Las Vegas Rental Property

Did you know that the Federal Government’s Department of Housing and Urban Development announced in 2015 that they were filing separate charges against property managers, Las Vegas Rental Property Owners and landlords across the United States for different types of discrimination?

Although no landlord wants to or attempts to commit unlawful discrimination, the reality is that in this day and age it’s a lot easier than any landlord thinks to get caught up in a discrimination lawsuit even if they thought they were engaging in innocent behavior.

Sadly, many landlords and property managers can get caught up in a discrimination lawsuit, especially if they have the best of intentions but during the screening process accidentally asked a misguided or innocent question, made a poor remark, or did something that prompted an applicant to file a discrimination lawsuit or complaint against them.

Since the rental market is constantly changing along with antidiscrimination laws, in this post we will cover some of the most common mistakes that property managers and landlords make across United States that can commonly lead to discrimination complaints or charges against a property owner.

Asking About an Applicants Diagnoses, Medical Status or Mental Health

As a landlord, Las Vegas Rental Property Owner or real estate investo, one of the most common mistakes that you should never make is to ask an applicant about a recent medical diagnosis, disorder or current medical status.

Last year a property owner in the state of Minnesota made a mistake of asking a prospective applicant for one of their properties about their mental health status when the owner was alerted to the fact that the applicant potentially had a bipolar disorder.

The results of this innocent mistake on the landlord’s part was that HUD prosecutors ultimately filed a violation against the owner and assessed a civil penalty totaling $16,000.

Using “Discriminatory” Language in Advertising

One of the most common mistakes that landlords make when marketing their properties is using discriminatory language when advertising their properties on websites like Craigslist or Zillow. An example of this occurred recently in the city of Philadelphia when a property owner listed their rental on Craigslist but stipulated that the rental was “not good for young children”.

After officials found out about the use of discriminatory language they found the property owner to be in violation of Section 3604(c) and 24 C.F.R. Sections 100.75(a) and (c)1, and HUD also filed financial damages against the owner as well.

Get Property Management For Your Las Vegas Rental Property 

To one more about the latest anti-discriminatory laws that landlords facing the United States, or to speak with us about our property maintenance services for your rental property, contact Goldenwest management corporate grade by calling us at (702) 685-7696 or click here to connect with us online.