If you can’t decide on the right location for your next (or first) real Estate investment, you’re lucky to stumble over this article. As a part of our ‘Investment Opportunities’ project, we write and share with you articles about America’s major cities and investment opportunities these cities have to offer. We publish such articles biweekly, and some great cities like Chicago, Atlanta, LA, and New York have already been featured. This time, all eyes are on Phoenix.
The 6th largest city in the US, Phoenix is more than it may seem at first glance. More often than not, people picture Phoenix as a combination of blue sky, red rocks, and the scalding sun. Of course, such a portrait is more than justified. Because of the city’s desert setting and associations that come to mind when people think of Arizona, there is no reason to marvel. And exactly because of a cloud of stereotypes hanging over Phoenix, it is oftentimes overlooked by real estate professionals. However, apartments for rent in Phoenix might be the best bet for your housing dollar. That’s why the goal of this article is to help you see all the potential behind investing in local rentals.
Why Investing in Phoenix, Arizona?
To begin with, Phoenix is expected to become America’s top real estate market for the next few years. And if you’ve ever lived in this city, you’ll sure understand why. This place offers a variety of outdoors activities ranging from hiking to mountain biking to golf. Although Phoenix is a huge city, locals have no reasons to complain about heavy traffic. And most importantly, Phoenix boasts affordable housing. In fact, it is ranked the 13th most affordable city in the US. Given all that, there’s no wonder why hundreds of people of different ages, professions, and interests choose to settle down here.
In case the above-mentioned reasons are not convincing enough, see what our guest expert Ted Stevens says in this regard:
“Phoenix has great growth potential with billions of dollars in new business growth in the area. At the same time, it still has very competitive property values that makes investing in Phoenix better than in other areas. There are many great areas to invest in across the Metro-Phoenix area. Communities like Mesa, San Tan Valley/Queen Creek, Glendale, and Goodyear are all fast-growing and worthy to invest in. Regardless of the size of the city and all the luxuries that come with that, Phoenix still has a very comfortable small town feel and makes sure to maintain its unique Southwest culture and atmosphere”.
Ted Stevens from The Steven’s Group
Which neighborhoods of Phoenix will give you the biggest ROI?
Median rental price: $978/mo
Median purchase price: $255,000
One of the biggest advantages of Glendale is its location. Situated northwest of Phoenix’s downtown, Glendale is no longer considered a faceless suburb. While it is hard to tell whether Glendale should be treated as an independent city or a part of Phoenix Metro area, one thing remains clear. This place is now a home to professional sports teams, numerous antique shops, upscale restaurants, and much more. The area is filled with antique charm, and it stands on its own among other neighborhoods of Phoenix. The good news is that average purchase price for properties in Glendale is among the most affordable in the city.
Median rental price: $1,039/mo
Median purchase price: $291,000
The population of Goodyear is growing steadily, and as for today, over 79,000 people call this place home. It’s safe to say that Goodyear represents a beautiful interplay of modern comfort and serenity that can be typically found in the least crowded parts of the earth. Purchase prices for homes in Goodyear are affordable, while local income properties can make you more than $1,000 per month. Goodyear is a popular choice for married couples and families with kids, and it goes without saying that such categories of people make the most trustworthy and tidy tenants.
Median rental price: $1,343/mo
Median purchase price: $353,000
If you’re fond of high-rises, luxurious apartments, historic buildings, and vibes of a big city, consider buying income properties in the most vibrant part of Phoenix. Local downtown is filled with fancy coffee shops, atmospheric restaurants, museums and entertainment facilities. Of course, prices for properties in Downtown are somewhat higher than in other parts of Phoenix, but you see what you pay for. Downtown Phoenix is a popular choice among students and young professionals, so a lack of potential renters will never be a problem.
Median rental price: $1,171/mo
Median purchase price: $358,000
Rumor has it that Chandler’s real estate market is hotter than ever these days. Local real estate market has been booming over the past few years, and today it is considered one of the best neighborhoods of Phoenix to settle down in. Chandler is popular among growing families and young professionals. The city has got plenty of newly opened restaurants, bars, and coffee shops, which makes Chandler an exceptionally nice place to live (and to own income properties, obviously).
Median rental price: $1,259/mo
Median purchase price: $249,000
Some people say Laveen is only good for growing old, but we’re here to reassure you. The area is gorgeous and is building up pretty nice. What’s more, Laveen is located in close proximity to Downtown, which makes it a neighborhood of choice for are lucky to have their offices in Phoenix’s skyscrapers. The local community is mostly friendly and caring, which makes this place just as good for raising kids. Given the ratio between purchase and rental prices for residential properties in Laveen, this neighborhood is especially attractive for real estate investors.
Summing up about buying apartments for rent in Phoenix, it’s worth being said that the city is considered a place of choice for real estate investors in 2017 for a reason. As the prices for properties in Phoenix are expected to go up for the next few years, investment in residential real estate seems to have a good potential. Make a smart move, invest in real estate in Phoenix. And chances are that you’ll be happy about your choice soon.
The post Which Neighborhoods of Phoenix Are Best for Real Estate Investments in 2017 appeared first on Rentberry Blog.