Hello My name is Garland and I am a local out here in LA! I own rentals in LA, but I am trying to expand and looking for a good profitable area. what do you guys think about the PHX/ tempe area? would that be a good or bad decision? Any help would be appreciated.
Hey @Garland Young ,
The deals here in PHX have been harder to come by in recent years, as the ones that hit the MLS typically get under contract pretty quickly as the competition has increased exponentially since the beginning of the recovery about 6-7 years ago.
If you can find something that cash flows, don't hesitate. The market here is pretty strong and the rents have been increasing at a healthy clip for quite some time. I used to live in Tempe and that area has exploded with new apartment construction, which has raised the market rent for everyone else in that area.
You should keep an eye out for Mesa as there will be more multifamily units at a better price and it is only a quick drive from Tempe. ASU is supposed to be expanding and putting a satellite campus there in the near future so the area may see some good appreciation down the line.
OH WOW THANKS! thats what I wanted to hear... do you own any?
According to what I read online about the ASU expansion, the move will bring more than 300 graduate students, more than 100 staff and faculty members and hundreds of executive education participants into downtown Phoenix from around the United States and the world. The grand opening is expected to occur by 2021, the school’s 75th anniversary.
Phoenix is great. Top 10 market for many economic factors like rent growth, population growth, job growth, etc.
Lot of Competition our there but it’s a strong market.
Let me know if you have further questions. Our firm is seeking opportunities all across the Phoenix metro and I have some intimate knowledge of the market.
As has been said, the competition is getting tougher, but so are the rising rents and steady appreciation! Happy to answer any specific questions about the Phoenix/Tempe area.