There are many reasons why rent rates have dropped here in Tucson that include:
- Investors buying up Tucson foreclosures and turning them into rentals.
- Investors and developers building apartment complexes in several new locations around Tucson.
- US Census figures from 2012 show that approximately 118,326 Tucson homes are occupied by renters.
Some recent statistics about Tucson evictions report:
- In 2009, Pima County had over 15,000 eviction filings – in 2011, just about 11,000 were filed.
- On average, Pima County has about 1050 eviction filing per month.
What does this all mean? Landlords are figuring out it is better to price rents competitively, keep their current tenants happy, and if you have a difficult tenant, it is better to work with them rather than go straight for eviction at first signs of problems.
Being a landlord for numerous years, I’ve noticed rents are typically late in December, January and February. Why? I think it’s because people always spend money and max themselves out during holiday times. And, it appears to fit with Pima County data, January, February and March have the highest number of eviction filings.
Best advice, keep your rents affordable, maintain good communication with your tenants, and encourage them to call you to keep you posted if they are having financial problems so you are prepared and can develop a plan.
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 .