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Tucson Rental Market - January 2013

Often, I get asked, "What are rents like these days?"  Competitive is usually my answer.  

Here is a graph outling the average monthly rent for several areas around Tucson:

 

As you can see, the rents are not as diverse as they have been in the past.  There are many reasons why rents have stabled out in Tucson such as home prices are low and many renters find that a mortgage is cheaper than renting in some cases, there are a lot of rentals on the market making pricing more competitive, etc.

Recently in Tucson, high rents are becoming a thing of the past - many owners who insist on keeping their rental rates high find that the home remains vacant because tenants find comparable homes at cheaper prices.  As a result, they have a choice - either keep it vacant or drop the rent price.

If you are an investor, price your rent right.  The best thing you can do is, find a good property manager to help rent your home, one who knows the market and who will be able to help you fairly price the rent, and one who will find a good tenant who will take care of your investment.

Buying or selling Tucson real estate, Mt Lemmon, Tucson bank-owned homes, Tucson rental homes, or Tucson lease option homes? Visit www.KGCPropertiesLLC.com .

                                                 

 

This blog is written with my opinions and my opinions are  presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions.    Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .

 

Comment balloon 4 commentsGabrielle Kamahele Rhind • February 19 2013 08:23AM

Comments

Hi Gab.... this is good information....and the rental market works just as the listing market works.... do not overprice if you want a deal.... suggested...hope all is well....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 5 years ago

Agents often tell me it's so much a square foot.  That is really hard to explain to a client.  Is that for just the square footage they use daily?  I prefer your graph as an example of the proper method to show averages...

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) over 5 years ago

Gabrielle-The pricing principal you mentioned in establishing rental rates follows the principal for setting selling prices too. Set the price above the market and you don't get a deal done.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) over 5 years ago

Love your presentation of the facts---nice--great for investors to view

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 5 years ago

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