The Time to Invest in the Phoenix Real Estate Market is Now!
With a booming economy, home affordability, population growth, low vacancy rates and more, there is great profitability for real estate investors in the Phoenix area.
Phoenix Has a Large Tourist Population
Whether it’s the warm temperatures, beautiful desert views or lively sporting events, 45.5 million people visited Arizona in 2018. In addition, between 2016 and 2017, Airbnb guest arrivals grew in Phoenix by an astonishing 90 percent. According to the Arizona Office of Tourism, the Arizona Lodging Performance has risen 4.5% since 2018.
For these tourists, rentals are ideal because they provide the comfort of home and are more affordable than hotels.
Phoenix Vacation Rentals Provide Great Returns
How much are vacation rental owners earing in the Phoenix area? Check out this chart below by Evolve, a vacation rental management company, which shows the annual revenue of Phoenix vacation rentals by property size:
Phoenix-Mesa-Scottsdale Metro home values have gone up 5.0% over the past year and Zillow predicts they will rise 3.5% within the next year.
According to Business Insider, the median home value in the Phoenix, Arizona metro area is $267,200 and the median listing price per square foot is $163.
A Few Additional Factors Contributing to Phoenix’s Success with Real Estate include:
- Annual winter migration
- Affordable cost of real estate
- Huge demand for private accommodations
- Long-duration of stays and guests who return year after year
This evidence shows real estate investors that the best time to invest in the Phoenix real estate is now! Especially before prices start rising as well and become unaffordable.
Interested in leasing your home and earning extra income? Consider Tweener Homes. Our unique value proposition is marketing homes to people who are in need of furnished MONTHLY homes. These people need homes the entire year, in fact, most moves and need for in-between homes, are timeframe from April to October, which are typically “dead” months for vacation home rentals. For more information, please visit TweenerHomes.com