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What’s Happening in The Phoenix Rental Market?

By GoldenWest Management

Are you searching for information on the Phoenix rental market? If so, you’ve come to the right place.

As of April 2018, the average rent in Phoenix is $935. This is an increase of 5% from the same time last year.

Renters in Phoenix can expect to pay an average of $687 per month for a studio apartment, $863 per month for a 1-bedroom apartment and about $1,018 per month for a two-bedroom apartment.

Source – rentcafe.com

Phoenix Arizona

Where Are the Most in Demand Neighborhoods in Phoenix?

As with any other city in the United States, there are a number of areas in Phoenix that are more in demand than others.

The most in-demand neighborhoods in the Phoenix area include the following:

  • Dessert View – Average Rent $1,193 per month
  • Ahwatukee Foothills – Average Rent $1,096 per month
  • South Mountain – Average Rent $1,076 per month
  • Central City – Average Rent $1,071 per month
  • Encanto Village – Average Rent $1,036 per month
  • Camelback East – Average Rent $995 per month
  • Scottsdale – Average Rent $1,467 per month
  • Paradise Valley – Average Rent $1,279 per month

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Is Phoenix Arizona a Safe Place to Live? 

Like most people, if you’re planning on moving to Phoenix one of the top questions in your mind most likely is if it’s a safe place to live? The answer to this question is yes, the city is a safe place to live.

PHOENIX ANNUAL CRIMES 
  VIOLENT PROPERTY TOTAL
Number of Crimes 10,700 58,552 69,252
Crime Rate 
(per 1,000 residents)
6.63 36.25 42.88

Source – Neighborhood Scout 

Young couple moving in new place

What to Be Aware of When Moving to Phoenix

Since Phoenix is the dessert, the most important thing that you should be aware of is that it’s not going to be out of the ordinary for you to see the occasional critter like a snake or scorpion.

Thankfully, with pest control services it’s easy to keep those critters at bay in the home but you may see them if you go out hiking or biking on local trails.

You should also be aware that Phoenix is prone to having air quality issues even more than other cities in the United States so when an air quality alert comes on your phone it’s best to pay attention because that air quality alert can improve or save your life. (Source – tripsavvy.com)

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To search for rental properties in Phoenix contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

4 Rental Property Investment Tips for First Time Owners

By GoldenWest Management

Owning rental property continues to be one of the hottest investments in the United States especially in cities like San Diego where rents have continued increasing in recent years along with demand for rentals.

If you’re planning on buying your first rental property, this article will provide you with 4 rental property investment tips that you should consider.

Businesswoman smiling as she works at her desktop while sitting at her desk, view past the edge of the monitor

Tip #1 – Make Sure That You’re Ready to Buy A Rental Property

Before purchasing your first rental property you should make sure that you’re actually ready to own a rental because being an owner does come with extra responsibilities that you may not be ready to take on right now unless you hire a property management company from the very beginning.

Home Mortgage Down Payment, A gray house, brown card and calculator on stone background with text  Down Payment

Tip #2 – Get Your Down Payment Ready

Since rental properties typically require a bigger down payment than an owner-occupied property you should be ready to come up with at least 20% for the down payment on your rental before you buy.

Beautiful and large living room interior with hardwood floors,  fluffy rug and designer furniture.

Tip #3 – Calculate Your Costs Before You Buy

Another important thing to do before buying your first rental property is calculate what your costs are going to be for your mortgage, property taxes and other expenses.

You want to know exactly what your monthly costs are going to be and if the rental will provide you with a solid cash-on-cash return of 6% or better.

Modern Luxury apartments (condo)

Tip #4 – Start with A Low-Cost Property

Although home prices in many states are valued at $300,000 or higher, you can still find affordable rental properties in the $150,000-$200,000 range if you search for them.

It’s best to start with a low-cost property because your mortgage payment and monthly expenses are obviously going to be lower than they would be with a higher priced property.

Depending on your financial situation, with a lower priced property can start saving for the down payment on your next rental almost immediately or refinance your first rental in a few years and use that money for the down payment on your second rental property

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To learn more investment tips for first-time owners, or to speak with us about our property management services, contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

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Get professional property management today by calling (866) 545-5303 or connect with us through our website.

Renter Tips – 4 Things Renters Can Do to Beautify Their Homes

By GoldenWest Management

Are you renting a property and want to learn more about what you can do to beautify it or make your rental a more pleasant place while you live there? You’re not alone.

In this article, we will share with you 4 easy things you can do to beautify your rental property.

orange house paint

Tip #1 – Paint

Depending on your rental, (and the rules of your property management company) you may be allowed to paint the inside of your rental while you live there but remember when you move out, the walls need to be the same color that they were when you first started renting.

Before getting ready to paint just make sure you choose the right colors for the space. You should also get written approval from the owner or property management company before you start painting.

For example, bright colors will open up any space while darker colors will make a room feel smaller.

If you don’t want to paint an entire room you should consider painting just one wall a bright color then adding accessories like colorful pillows or furniture that will add pops of color to the room.

You can also breathe new life to the whitewashed walls of a rental property with wall stickers or by painting an accent wall. The materials that you need can be purchased at any Dollar Store or a Walmart and are especially perfect for children’s bedrooms.

Living room interior with gray velvet sofa, pillows, green plaid, lamp and fiddle leaf tree in wicker basket on white wall background. 3D rendering.

Tip #2 – Choose Furniture That’s Versatile

Instead of choosing pieces of furniture that will just fit your current rental property you should pick furniture that’s versatile and can be used in other properties that you may move to in the near future.

For example Modular sofas, folding chairs, side tables and coffee tables. You should also add an ottoman or two as well because they are excellent for storage.

Recessed ceiling lights in a coffee shop
Recessed ceiling lights in a coffee shop

Tip #3 – Don’t Forget the Lighting!

Like most rental properties, you may find that the rooms in your rental only have one small light in each room or no lighting at all.

Thankfully, lighting is one of the easiest decorating improvements that you can make and also one of the most affordable.

When choosing lighting for your rental make sure that you choose at least one or two floor lamps for each room and one small lamp that can be placed on an end table.

Bathroom in the bedroom with wardrobe

Tip #4 – Accessorize Every Room

Besides painting, choosing versatile furniture and great lighting for your rental property you should also accessorize each room with window coverings, rugs and artwork because choosing the right accessories will really help to add your “stamp” on the rental and make it your own.

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Search for Rentals Here

Are you planning on searching for a new rental property? We can help! Contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

Things to Do in San Diego During the Spring

By GoldenWest Management

Are you searching for things to do in the San Diego area during the spring? If so, you’ve come to the right place!

San Diego is an awesome place to live especially during the spring because we don’t have snow on the ground like other states do and the weather is still cool enough to enjoy outdoor activities comfortably.

In this article, we will share with you some of our favorite things to do in SD during the spring so you will know where to go and what to do if you just moved to the area or are searching for new ideas for activities you can enjoy.

Hit the Beaches

Springtime in San Diego is one of the very best times of year to hit the local beaches because you will be able to easily find a parking space since most tourists won’t show up until May or June.

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Go for A Hike

In San Diego, there are a wide variety of hiking trails to choose from. You can find plenty of trails in Balboa Park, Point Loma or at any of the nearby parks and public recreation areas like Lake Murray, Mission Trails, Mount Helix or Cowles Mountain.

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Enjoy the Flowers

Another cool thing you should do in the San Diego area during the spring is enjoying the flowers. One of the best places to go is the Flower Fields in Carlsbad.

Located at 5704 Paseo Del Norte, this place is one of the top destinations for anyone in the San Diego area who loves flowers. Make sure you come here early though because by late April the beautiful flowers will be gone.

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Check Out Local Attractions

Besides the cool things we’ve already mentioned in this article, some of the other destinations you should consider visiting during the spring in San Diego include: Sea World, The San Diego Zoo, Wild Animal Park, Legoland and Petco Park to take in a Padres game!

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For property management in San Diego contact Goldenwest Management at (866) 545-5303 or click here to connect with us online.

What’s Happening with The Las Vegas Rental Market?

By GoldenWest Management

Spring is here and with the weather quickly warming up across the country it’s a great time to take a look at what’s happening in the Las Vegas Rental Market.

Average Rent

As of April 2018, renters are paying an average rent of $992 for an apartment in the Las Vegas area. (Source – Rent Jungle)

The average rent in Las Vegas has increased by 6/15% in the last year and it’s currently holding steady.

For a one-bedroom apartment in Vegas, you can expect to pay $844 per month while a two-bedroom apartment is going to cost you about $1008 per month.

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Cost of Living In Las Vegas

One of the great things about living in Las Vegas is that it still remains one of the most affordable cities to live in the United States.

It costs about 30% less living in Las Vegas compared to other higher priced cities like New York or the San Francisco Bay Area. (Source – Numbeo)

Las Vegas Jobs

The average age of a Las Vegas area resident is 37 and even though tourism and hospitality are two of the biggest industries in the area, Las Vegas is seeing more technology companies relocating here.

Major companies from Dell to startups like AppBus all have a presence in Las Vegas because more data centers have been built here in recent years and Vegas continues to be a top destination for technology conferences in the United States.

Is Las Vegas a Safe City?

Like any renter, you may be wondering if Las Vegas is a safe city? The answer to this question is yes.

There is an increased police “presence” in Vegas due to the city being a major entertainment destination so you can expect to enjoy a safe environment regardless if you’re at home, work or enjoying a night out.

Search for Rentals In Las Vegas

To search for rentals in Las Vegas contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online

What’s Happening with The San Diego Rental Market?

By GoldenWest Management

Are you interested in investing in the San Diego Rental Market? If so, you’ve come to the right place!

In this article, we will offer you up to date information regarding what’s happening in the SD Rental Market including accurate data and what we can expect for the rest of the year.

Average Rent

As of March 2018, the average rent for the San Diego rental market is $2,028, this is an increase of 3% compared to the same time last year when the average rent was just $1,963. (Source – Rentcafe.com)

San Diego, California

Rent Breakdown

Anyone who is searching for a rental property in the San Diego area can expect to pay the following rents:

  • Studio Apartment (455 Sq. Ft) – Average: $1,479 per month
  • One-bedroom apartment (671 Sq. Ft) – Average: $1,793 per month
  • Two-bedroom apartment (966 Sq. Ft) – Average: $2,190 per month
  • Three-bedroom apartment (1,294 Sq. Ft) – Average: $2,773 per month

Rent Increases Have Slowed – Slightly

There’s no doubt that rents in the San Diego area have been increasing steadily over the years but since the start of 2018, they have slowed, slightly.

This slowing could be due to more rentals coming to the market like the opening of the new “The Rey” apartment complex in San Diego. This complex has brought close to 500 new rentals to the market.

Located at 801 A Street in San Diego, The Rey apartments with high end designs, luxurious floor plans and lots of amenities. Learn more about this apartment complex by visiting their website at https://www.berkshirecommunities.com.

Slowing rent increases could also relate to the winter months. Either way, industry analysts don’t expect the rent growth slowdown to last for long as San Diego continues to rank among the top cities in the United States for rent growth.

San Diego, California

Most Expensive to Least Expensive Rents

As in years past, the most expensive place to rent in the area are Downtown San Diego (Average – $2,49 per month), North County (Average – $2,126 per month) while the least expensive place to rent in the San Diego area continues to be East County (Average – $1,418 per month).

Property Management concept image with business icons.

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For property management in the San Diego area contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

When is it okay to charge copay?

By GoldenWest Management

Another common question that most owners and investors have asked us over the years is if it’s okay for them to charge their tenants a copay when it comes to repairs that need to be made at their rental properties.

The answer to this question is that it’s perfectly acceptable to charge your tenant a copay, as long as the repairs that need to be made are not related to health, safety or other habitability issues.

Minor repairs like replacing light bulbs should be the tenant’s responsibility and if the tenant does not want to make those repairs themselves, or they are unable to, they should be made to pay a portion of the cost.

What Repairs Should You Not Charge A Co-Pay For?

Depending on your area, the most common repairs that you should not charge a co-pay for include repairs related to heating, cooling, water heater, stove, oven, or the mainline to your rental property since these types of repairs are all typically expected to be made by the owner.

In California, landlords are expected to make repairs like those mentioned in this article because of the Implied Warranty of Habitability. If a landlord fails to make repairs to their rental that affect habitability, the tenant may be legally able to withhold rent until those repairs are made.

Even though some landlords may not like to make repairs, it’s important for every landlord to remember that all appliances have a “lifespan” and they will eventually wear out so those repairs will come unless a tenant damages those appliances maliciously.

Make Sure Your Lease Is Clear About Repairs

One of the best things that every landlord can do to protect themselves is to make sure that their lease is clear about what repairs the tenant is supposed to make and what repairs the landlord is supposed to make. Repairs made necessary by misuse, negligence, excessive wear and tear, or
destructive activities of Tenant, other occupants, guests, invitees, pets or others, whether authorized or unauthorized. Doing this will clear up any misconception about repairs and save time/money.

Get Property Management Here

For property management in San Diego, Phoenix or Las Vegas, contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

 

 

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Can I sell my property while my tenant still lives there?

By GoldenWest Management

Are you planning on selling your rental property while your tenant lives there?

It doesn’t matter if you own a rental property in San Diego, Las Vegas, or elsewhere in the United States, you can sell your rental property while your tenant lives in the rental especially if you follow these tips.

Young couple meeting financial advisor for investment

Remember That Your Tenant Has Rights

One of the most important things to remember while you’re in the process of selling your rental property is that your tenant has rights and those rights must be respected.

What does this mean? It means that you must respect your tenant as a person and tell them about your intention to sell the property.

If they’ve expressed a desire to move, you should be willing to pay your tenant to vacate (Cash for Keys) and come up with an arrangement to help them move into a comparable rental property in your city.

Let’s say that your rental property is in a very competitive rental market, and your tenant wants to stay. In this case, you should be willing to communicate with them whenever the property has to be shown, and you should also follow the law by submitting a 24-hour notice to enter just so they are aware when you will be entering the property.

Estate Agent Showing Empty Office Space To Clients

Consider Selling Your Property to An Investor, Or to Your Tenant

As an investor, it’s important for you to get your ROI from your rental property but you ultimately may want to consider selling the property to another investor.

This is a great idea because an investor may be open to buying a property which is already occupied, compared to a non-investor who may want to have the tenant move after they purchase the rental property.

You also may want to consider selling your rental property to your tenant as well because this solves the problem of them having to move and they may have interested in becoming an owner, especially if they’ve been renting your property for more than one year.

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Get Property Management Here

For professional property management contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.

What should I do if my tenant ruins my home?

By GoldenWest Management

One of the WORST things to happen to an owner is when their tenant moves out and they discover that their former tenant has trashed their rental property.

Sadly, this problem is not uncommon and the key to success in dealing with a trashed rental property is following these steps.

Step #1 – Call the Police

The first thing to do in dealing with a trashed rental property is to call the police immediately. You will need to file a police report for intentional property destruction and start the legal process of going after the individuals who have ruined your rental property.

Step #2 – Take Pictures and Video of Everything

After filing a police report, the next thing you should do is take pictures and video of the damage. This step is important because, should you take your former tenant to small claims court you will be able to present evidence of the damage they caused.

Step #3 – Stop All Verbal Communication with Your Former Tenant

Although you might be tempted to call or email your former tenant about the damage they caused, you should stop all verbal communication and only communicate with them in writing. Why? Communicating with your former tenant in writing creates a paper trail, helps you to avoid saying the wrong things, and thoroughly documents a timeline of the incidents occurred.

Step #4 – Get Legal Representation

Besides following the steps mentioned above in this article, the most important thing you should do is hire a lawyer.

Having proper legal representation on your side will save you the time, money, and hassle of making poor legal decisions. You really can’t afford to not have an attorney representing your best interests during this process.

Step #5 – Before Renting Again, Hire A Property Manager

At GoldenWest Management we feel for any landlord who has gone through the process of finding out that their tenant trashed their rental property.

We specialize in full-service property management so landlords don’t have to spend their time managing their rental property themselves.

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

Do landlords have to provide refrigerator and washer/dryer?

One of the biggest questions that most renters and landlords have is if it’s the landlord’s responsibility to provide a fridge, washer, and dryer in the rental property.

Although some rental properties may have these common appliances, the reality is that it’s not the landlord’s responsibility to provide them.

Implied Warranty of Habitability

The main reason why landlords are not required by law to provide a washer, dryer, or refrigerator at a rental property is because of the of the implied warranty of habitability.

An implied warranty of habitability is a warranty implied by law in all residential leases that the premises are fit and habitable for human habitation and that the premises will remain fit and habitable throughout the duration of the lease.

Source – Legalmatch.com

The rental unit must be up to code, meet safety standards, have working electricity, a functioning heater and properly working plumbing. As long as the Implied Warranty of Habitability is met, most owners will consider their job to be done when it comes to providing a habitable rental property.

Most Landlords Will Supply Stoves, But Not Other Appliances

In this day and age, it’s common to find a rental property with a stove that’s been supplied by the owner. When it comes to other appliances though, like a washer, dryer, or refrigerator it’s not uncommon to find that the rental property doesn’t have those appliances.

Some landlords may choose to equip their rental properties with appliances like washers and dryers, especially if they are trying to rent their properties during a competitive market. The reality is that it’s extremely unlikely that a landlord will invest in additional appliances unless they were already in the rental property when they purchased it.

Landlords Must Guide Tenants Back to The Law

If a landlord faces feedback from a tenant who believes that they should provide appliances like washers, dryers, refrigerators, and stoves, that landlord should guide their tenant back to the law, and the implied warranty of habitability, then show the tenant that those standards have been met.

Landlords who wish to provide tenants with common appliances in their rental property should make sure that those appliances are properly documented before the renter take possession of the property, and the appliances should be listed in the lease agreement, just so the tenant knows they cannot take the appliances with them when they move out.

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For professional property management contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.