Real Estate Agent · San Luis Obispo, CA · Member since 2015 · 100 posts · 38 votes
California Realtor and investor looking for properties in AZ from Phoenix to Tucson area and looking for some local knowledge. What is the Tucson market doing lately? Mainly looking for mid to large Multi-family properties...so how is the rental market doing out there lately? Average rents? Occupancy? Local job market? I would have to assume University of Arizona helps the rental market surrounding the campus area? Any insights and advice would be appreciated from my fellow BPers, Haven't seen much on this site regarding Tucson Pros & Cons so please share :)
Don't know about Tucson but PHX is strong for rentals and projected to continue growing as millenials aren't as interested in buying SFH right off the bat (and many too burdened with student loans). AZREIA last month was about multi fams and apartments, guest speaker @AnthonyChara talked about apartments across the country being even better than usual for investing for the near future. Jobs and population growth is strong here, Maricopa one of the fastest growing counties in US.
Don't know about Tucson but PHX is strong for rentals and projected to continue growing as millenials aren't as interested in buying SFH right off the bat (and many too burdened with student loans). AZREIA last month was about multi fams and apartments, guest speaker @AnthonyChara talked about apartments across the country being even better than usual for investing for the near future. Jobs and population growth is strong here, Maricopa one of the fastest growing counties in US.
@Henry Perez Thanks for the comment. I may be able to assist you if you're looking for stuff in California and I'm working with a few other investors who have similar real estate goals of building 500-1000+ Unit portfolios. Thanks for adding me as a connection, I'll reach out in PM to get to find out more about what you are searching for as well.
@Aaron Gaffney Thank you for your input on the market, I would have to concur and I've heard similar things with those who are in the apartment and multi sector. Millennials in CA can't afford or don't care to live by themselves at the moment and also apartments are more recession proof than SFH because when people start getting their homes foreclosed on or losing their jobs they have to find an affordable place to rent and usually turn to apartments and smaller units. Maybe @AnthonyChara will be nice enough to chime in if he sees this post :)
I'm a general contractor in tucson and have been thinking about developing some turn key rentals or maybe some (more) spec homes. If you guys want to pursue some options like that, contact me. I can also facilitate commercial development.
@Ben Tilbury. I'm actively pursuing 20-50 Unit properties in Tucson. I'm not a resident, but have ties there and have toured the market. In short, the fundamentals look good. Take a look at the HUD link below. It still an emerging market. I think it offers good opportunity.
@Charles Elmer Thanks for the input, always love connecting with those in the building or development industry. Do you have a website? Is there a lot of new builds going on in Tucson at the moment?
@Greg Scully Thats awesome! What price ranges are you looking in? What other types of property do you own? I think you're right, it seems like there's a lot to offer in Tucson and room for growth and affordable housing. The thing that does worry me a little is I've heard some big players have been offloading a lot of their properties there which makes me wonder if they foresee something the average investor or home buyer does not...
@Charles Elmer Right now I have a couple of SFR turn key properties in Memphis. In Tucson I am looking at under 2M. It's a bit of a sellers market right now. Honestly I think some of it is trading irrationally based on projections rather than performance. I'm focused on being conservative and disciplined.