Arizona

Tue
16
Sep
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Campus-Style WiFi systems: The Amenity for Today

Apartment residents have long held in high regard such amenities as a fitness center, a patio, a washer/dryer and a pool, but now of equal importance as those features is having high-speed community-wide Internet service.
Having high-speed community-wide Internet service is now among the most desired amenities according to a 2013 survey by the National Multi Housing Council. More than 70 percent of respondents said that it was important or very important.
Easy enough, right? Practically every restaurant and coffee shop you visit has wireless Internet service. Most libraries have it. Many college campuses do too. If the corner Starbucks (and mid-block Starbucks and other corner Starbucks) can pull this off, surely you can too. Is it as simple as expanding the WiFi you already have running in your business center or around the pool area?
It’s not.

Mon
15
Sep
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Arizona Rental Housing Journal -September 2014

AZ Rental Housing Journal is published monthly for apartment owners, property managers, multifamily investors, independent rental owners, landlords and other real estate professionals. RHJ is the business journal for the rental housing industry.

Wed
13
Aug
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Arizona Rental Housing Journal - August 2014

Published monthly, AZ Rental Housing Journal delivers new, market trends and industry best practices to apartment owners, multifamily investors, property managers, landlords and other rental housing and real estate professionals. RHJ is the business journal for the apartment and rental housing industry in Arizona.

Sun
13
Jul
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Arizona Rental Housing Journal July 2015

RHJ is the business journal for the Arizona multifamily housing, property management and rental housing industry.

Mon
09
Jun
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Arizona Rental Housing Journal June 2014

RHJ is the business journal for multifamily and residential property managers, apartment owner, real estate investors and landlords in Arizona.

 
Mon
09
Jun
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Insight Into a Successful Apartment Management Company – What Really Makes it Work!

I recently had the opportunity to visit with Dick James, the owner of Dick James & Assoc., a well-respected apartment management company currently managing more than 6,000 units in three States. In life, there are individuals that you meet that you appreciate for their enthusiasm about their work, treating everyone in their company as “family” and taking a sincere interest in every employee. Dick’s web site (www.djaproperties.com) notes that “they care for every property like they own it”. He attributes his success to this mandate – plus some very basic philosophies. His answers to my questions provide insight on how a successful company works.

Jim Kasten: How did you get into managing apartments?

Mon
09
Jun
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Tucson - Multifamily Housing Market Update

Tucson - Multifamily Housing Market Update

The second largest metropolitan area in Arizona, is gaining attention for purchasing opportunities, in the multifamily housing market. There were approximately twenty one verified closed arms length transactions, between January 1st, 2014 and May 20th, 2014, of 8 unit plus properties. Six of these sales were to California buyers. Over 25% of the sales were either distressed property sales and/or suffered from deferred maintenance. One sale was sold via auction and one was a bankruptcy sale.

The average size complex sale consisted of 60 units and all sales ranged from 5 unit to 272 unit properties. Actual cap rates of the sold properties ranged from 5.98% to 14%. and averaged 7.48%. Price per square foot of improvements ranged from a low of $20.44 to a high of $104.32 and averaged $51.99 per square foot.

Mon
09
Jun
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ARLTA Provides Resident Remedies when ‘Casualty’ Damages Occur

ARLTA Provides Resident Remedies when ‘Casualty’ Damages Occur
Management from time to time will have to address unforeseen problems that occur at apartment communities and rental units.
These can range from a fire, to a roof leak, to flooding from a broken pipe. Commonly called “acts of God,” these incidents are normally not the landlord’s responsibility, unless he or she was negligent in not addressing the potential problem. For example, management knows of a leak in the roof and took no steps to correct it.
The Arizona Residential Landlord and Tenant Act (ARLTA) addresses this topic:
A.R.S. § 33-1366. Fire or casualty damage
A. If the dwelling unit or premises are damaged or destroyed by fire or casualty to an extent that the enjoyment of the dwelling unit is substantially impaired, the tenant may do either of the following:

Mon
09
Jun
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The Dilemma of Increasing Rent in Single Family

The Dilemma of Increasing Rent in Single Family
I get it!
A strong case can be made that property managers and rental property owners should be raising rents in the Greater Phoenix area (not so much in Tucson), but they are hesitant to do so. In April’s RentCheck™ report from ARMLS® for the first time in eleven months, we finally saw an increase in single family median rent. Yes, in a strong rental market reflecting solid demand and low vacancy, it took eleven months for rents to increase. The increase was $55. Why?
As Executive Director of the Arizona Real Estate Investors Association – AZREIA, I talk to quite a few rental property owners each month and I facilitate a couple of large group discussions every month. One of the topics that turns into a debate, just about every time, is increasing rents in the single family space.

Fri
23
May
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Arizona: Tenant Damages & Alternatives

As most landlords are aware, if the tenant causes property damages which are beyond normal wear and tear to the premises during the tenancy, the landlord has a claim for those damages. Often times the landlord does not know what the damages are until the tenant has vacated and returned the keys and possession. At that point, when the landlord does their final inspection, any damages beyond normal wear and tear are accounted for.

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