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.