Phoenix Rental Market Is On Fire During Covid-19

2020 has been a year of changes for the rental market. Due to the Pandemic, a percentage of businesses have been forced to close, thrusting many people into a state of uncertainty.

Thanks to recent data from cnbc.com, we know that the Phoenix, Arizona rental market has continued to enjoy steady growth during Covid-19.

As of August 2020, the city is seeing rent growth of 6% year-over-year, while Tucson’s rent growth is currently at 3.5% year over year.

This is awesome news for both owners and residential property managers in Phoenix. Nationwide single-family rents grew by just 1.7%, the slowest rent growth that we’ve seen in close to 10 years. Most economic analysts attribute the decline in rent growth to the Covid-19 Pandemic.

San Diego Rental Market Continues To Enjoy Steady Growth

In America’s Finest City, San Diego, rental properties have enjoyed a 4% increase year-over-year.40% of apartments in the area that can be rented for under $2,000 per month.

Although San Diego still has a hot rental market despite the Pandemic, the question is: how long will it last?

With the Statewide eviction ban set to expire on September 30th and the renewal of the Federal eviction ban still in a state of uncertainty, most owners and property managers are anticipating that September will be a big month for the rental market in San Diego.

Rents could likely drop by as much as 10% by the end of 2020 due to the economic recession and economic fallout from Covid-19.

We could also see more houses for rent in San Diego during the fall. Some landlords may be eager to reduce rents to attract tenants, but this is risky for individuals who are not used to properly screening their applicants  

Las Vegas Rental Market Stays Strong

Covid-19 hit the Las Vegas rental market hard when most businesses in the city were shut down in March but they started to reopen in June. Since then, life in Vegas is starting to adapt to the ‘new normal’.

As of August 2020, the rental market remains strong with an average 894 square foot apartment renting for $1,107 per month. This is a 5% increase year-over-year.

(Data source – Rentcafe.com)

As with San Diego, Phoenix, and other rental markets across the United States, Nevada faces an eviction crisis when their eviction moratorium expires on September 1st.

The passage of the Nevada alternative dispute resolution bill combined with another possible economic stimulus check in September means Las Vegas may be able to avoid the crisis.

Local property management companies will continue to play a key role in rental markets across the United States. We stay on top of the latest market trends while ensuring ROI for our owner clients.

GoldenWest Management – Your Source For Professional Property Management

At GoldenWest Management, we specialize in San Diego, Phoenix, and Las Vegas Property Management.

We are one of the top property management companies in three rental markets because we take pride in saving owners the time, money, and hassle of managing their rental properties.

To learn more about the property management services we can offer you, contact us today by calling (866) 545-5303 or click here to connect with us online.

Real Estate Agents – Why You Should Choose GoldenWest Management As Your Property Management Partner

Are you a real estate agent in San Diego, Phoenix, or Las Vegas? If so, you know how busy the real estate market can get when it comes to facing a client who wants to rent instead of buy. You can either choose to manage your client’s needs yourself or you can pass that lead along to a local property management company.

If partnering with a property management company to manage your real estate has been on your mind, chances are you need help. This article will provide you with more information about how GoldenWest Management fills property management needs.

Boutique Property Management On A Large Scale

Some property management companies have only a small team crammed into one office, but GoldenWest management has offices in San Diego, Phoenix, and Las Vegas. Each office has its large property management team to serve local client’s needs.

Having multiple offices enables us to provide our clients with the best possible service. Not only does it allow us to hold expertise in individual local real estate markets but it also allows us to work with larger clients who have multiple properties across state lines. It’s not uncommon for GoldenWest Management to serve clients in San Diego who also own rental properties in Phoenix and Las Vegas.

When real estate agents choose to recommend GoldenWest Management for their client’s property management needs, they can have confidence that those clients are going to receive the best possible service. Regardless of the rental property is located in California, Arizona, or Nevada our staff can help.

Why Should You Choose GoldenWest Management?

You may be wondering why you should choose GoldenWest Management over the competition to be your property management partner. The answer is simple – we offer the best service. When you partner with us, you can pass along a lead and have confidence that should your client turn to purchasing versus renting, we’re going to pass that lead back to you so you won’t lose the sale.

Focusing only on property management instead of sales has enabled us to develop our expertise as one of the Premier Property Management Companies in the United States. We’ve always kept our word to our existing Real Estate agent partners, which has enabled us to earn their trust.

Contact GoldenWest Management

For more information about the benefits of partnering with GoldenWest management, or to speak with us about the property management services that we can offer you, contact us today by calling or clicking here to connect with us online.

Nevada Rental Market Update – The Eviction Moratorium During August 2020

One thing that’s been on the minds of renters in Nevada is the current eviction moratorium. Unless Governor Steve Sisolak extends it again, the Nevada eviction moratorium will expire on September 1st.

There’s no denying that evictions are a major concern for Las Vegas renters, especially after the recent expiration of the CARES Act eviction moratorium. The CARES Act eviction moratorium, which expired on July 24th, was initially put in place to prevent evictions and foreclosures during the onset of the COVID-19 pandemic

Tenants are left wondering what the future holds for them, as the Federal Government has made no moves to extend their eviction moratorium for another 120 days.

Will Governor Sisolak Extend the Nevada Eviction Moratorium?

Could we see evictions in Nevada next month? Right now, the answer to that question is unclear. The Governor of Nevada hasn’t indicated that he wants to extend the state eviction moratorium as of August 6th.

The Nevada Legislature recently passed pandemic eviction protections which could postpone evictions for another 30 days after the current Nevada eviction moratorium expires in September.

If the Governor signs this bill, it would enable landlords and tenants to pursue mediation first, before the owner or property management company pursues eviction.

Without the pandemic eviction protections bill being signed by the Governor, the Nevada Courts system would likely be overwhelmed. The court processed the relatively low number of 45,000 evictions in 2019. The Nevada rental market in 2020 could easily see triple that number of evictions.  

What Comes Next for the Nevada Rental Market?

As we approach September, and subsequently the expiration of the State of Nevada’s eviction moratorium, it’s clear that nobody wants to see nearly 300,000 Nevadans evicted. Landlords in Nevada need the eviction moratorium to end. A lack of revenue due to unpaid rent means many Nevada landlords are facing foreclosure. This means that we could see a foreclosure wave hit Nevada at the same time as evictions.

Want More? Contact GoldenWest Management

For more information about the Nevada rental market, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here to connect with us online.

Property Management Tip What do I do when I list my property for sale with a tenant occupying it?

In this video, Jayson Yoss, President of GoldenWest Management shares with you tips for Real Estate Agents on what they should do if they list a property that’s occupied with a tenant.

Contact GoldenWest Management

For more property management tips, or to speak with us about our property management services, contact us today by calling (866) 545-5303 or click here.