Many investors have turned away from traditional rental homes in Phoenix because they’re worried that more people want to buy than rent. While many people do dream of homeownership at some point, rentals aren’t likely to go away anytime soon. College students and young families are still going to be renting, as well as those who like the ease of no financial burdens. Therefore, if you’re thinking about rental properties in Phoenix, consider homes of various sizes to help you make more money and keep people renting.
Most people don’t want to be tied down with heavy financial burdens. Unless someone willed them a house or otherwise gave it to them, they’re probably not going to buy when they’re not sure what the next few years hold for them.
Likewise, they won’t have to worry about the taxes, paying mortgages and possibly losing their living space because they’re renting it from you. While they will still need to pay rent and you’re still in control of the amount, it can be significantly less than a mortgage payment.
Primarily, people look at investing in apartment or condo complexes because they can get more people living there and collect more rent. While it is true, rental homes in Phoenix may be better if you’re searching for long-term money. As single people get older and settle down, they’re likely to have children, pets and tons of stuff. They’ll need to move out of those apartments and into a large, spacious home. If they don’t want to buy one, they can still rent one from you, making it a perfect win-win situation for everyone.
While you’ll still have to cover the maintenance and repairs, renters are more likely to move into a house and pay rent because they don’t have to deal with it themselves.