Arizona

Fri
23
Jan
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Vacation Rentals – Make It simple for Your Guests

Friends of mine recently became a reluctant landlord. While they have another single family rental, a townhome purchased as a place for a family member to rent became a rental on the open market. They decided to rent the unit as a short-term vacation rental. Having started my own real estate investment portfolio over 30 years ago with a vacation rental, they were picking my brain about that type of property.

Wed
14
Jan
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Metro Phoenix New Apartment Construction: Great for Class “B’ and “C” Properties

Metro Phoenix New Apartment Construction

Great for Class “B’ and “C” Properties
The Kasten Long Commercial Group specializes in multifamily brokerage and has been providing apartment market updates and identifying future trends for metro Phoenix in quarterly newsletters since 1998. Current and past issues plus detailed market data are available on their web site (www.KLCommercialGroup.com).

Wed
14
Jan
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Arizona Rental Housing Journal January 2015

RHJ is the business journal for the Arizona multifamily and residential property management industries. 2. Commercial Property Winterization 3. Mitigation: What it Means to Landlords 4. Innovators Beware: Dangerous Intersection Ahead 5. Five Tips to Full Occupancy 6. Multifamily Green Light 7. Metro Phoenix New Apartment Construction 8. Is Print Advertising Dead? The Evidence Says No! 9. The Coach: Property Management Reference Checks… Are They Really Necessary?

Wed
17
Dec
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Arizona Rental Housing Journal December 2014

Arizona Rental Housing Journal is published monthly for apartment owners, multifamily & single family real estate investors, landlords and property managers in Arizona. RHJ is the business journal for the rental housing industry. 2. Luxury Development Heating Up as Vacancy Simmers 3. Metro Tucson Apartment Complex Sales 4. Americans' Personal Finance Sentiment Strengthens 7. Immediate Eviction Depends on Resident Actions 8. Dear Maintenance Men 9. Three Important Steps For Conducting Property Management Exit Interviews 10. Shoptalk

Tue
16
Dec
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Metro Phoenix Apartment Report: Q3 2014

The Kasten Long Commercial Group specializes in multifamily brokerage and has been providing apartment market updates for metro Phoenix in quarterly newsletters since 1998. Past issues and detailed market data are available on their web site (www.KLCommercialGroup.com). The following is a summary of the apartment market for the 3rd quarter of 2014.

Apartment Sales Remain Strong
In the 3rd quarter of 2014, there were a total of 55 regular apartment sales with 10 units or more. 26 of these sales had 100 units or more. There was also one large portfolio sale that included 7 local properties for a combined price of $168,500,000. Eleven transactions included a 1031 exchange. We continue to see an increase in 1031 transactions – a good sign. Cap rates for the 100+, newer communities remained in the low 5% range while smaller and older, well located and stabilized communities were typically in the mid-6% range.

Tue
16
Dec
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Vacancy is a Good Thing?

I’ve written about the risk of trying to increase the rent and the need to continue to increase rents over time especially as your costs increase. But, when is having a vacancy a good thing? Is it ever a good thing?
The answer is yes! Vacancy can be a good thing. Let me explain. A vacancy is always better than putting the wrong tenant in the property. Let me repeat – always! You know this if you ever rented to the wrong tenant, but if you haven’t, let’s review some of the possible outcomes.

1) You don’t collect the rent. This is the most obvious outcome. Depending on where your rental is located, it could take you from three weeks to six months or more to get the resident out of the property costing you thousands in uncollected rents. Sure you could get a judgment, but what are you chances of collecting on it?

Tue
16
Dec
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Metro Tucson Apartment Complex Sales: June – November 2014

Metro Tucson Apartment Complex Sales
June – November 2014

There were 40 verified sales of five + unit apartment complexes between June 1st and November 18th in metro Tucson.

STATISTICS:
Low Average Median High

Price per Square Foot: $28.89 $61.14 $53.06 $102.21

Actual Cap Rate: 6.40% 7.18% 8.00% 14.00%

Gross Rent Multiplier: 5.60 7.06 6.80 8.00

Price Per Unit: $10,400 $48,086 $37,166 $150,000

Tue
16
Dec
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Scottsdale, Tucson Among Top 14 Cities For Snowbirds And Retirees In 2014 Per Apartments.com

As winter rapidly approaches, snowbirds in the north will soon fly off in search of sunshine and relaxation. For snowbirds and retirees who are looking for cities with nice weather, rental availability, affordability, a strong economy and fellow residents who are similar in age, Apartments.com has compiled its second annual list of the Top 14 Cities for Snowbirds and Retirees in 2014.
To develop the Top 14 Cities list, Apartments.com evaluated the following factors:
• Median Age: A population indicator that offers opportunities for friendship with peers
• Average Cost and Availability of Two-Bedroom Apartments: Affordable living options with room for family visitors
• Median Income: An indicator of a thriving economy
• Weather: Only includes cities with at least a 60% average of days of sunshine annually
• Key Amenities: Flexible leasing options for short- or long-term stays, plus air conditioning

Tue
16
Dec
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Arizona: IMMEDIATE EVICTION DEPENDS ON RESIDENT ACTIONS

IMMEDIATE EVICTION DEPENDS ON RESIDENT ACTIONS

An often misunderstood notice is one for a material and irreparable breach of the lease or law. This document is commonly called an immediate eviction notice. This article will examine the procedure in issuing the notice and when it is acceptable.

PROVISIONS OF THE NOTICE

The law limits eviction actions to the most serious of violations. The key phrase is “material and irreparable.” In other words, the actions of the resident are such as to not warrant a warning or opportunity to correct them.

An immediate eviction notice does not permit a landlord to remove the resident from the unit the day of the violation. Management should notify the renter with a written notice specifying what he or she did wrong.

The document also should explain to the resident that he or she needs to move out immediately, and if they do not, the landlord will file an eviction action to obtain a court order.

Tue
16
Dec
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NEGOTIATING THE SALE OF YOUR APARTMENTS: Benefits of IRC 1031 Tax Deferred Exchanges for Apartment Complex Sellers

Much has been written about the benefits of selling a property and utilizing the proceeds to “1031” into another property. As a real estate broker, who has been on every side of IRC 1031 exchanges, this article is devoted to seller's negotiating techniques, when 1031 tax deferred exchanges are utilized.

Experience Arizona listing agents know that Arizona apartment complexes look like a “bargain” compared to income properties in other states. Arizona cap rates are in the 7-10% range, and for the price of a California four-plex with a 2% cap rate, you can often buy 20+ units in Arizona.

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