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Another Reason For Declining Tucson Rents? Fewer Evictions.

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.  

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 8 commentsGabrielle Kamahele Rhind • March 25 2013 05:23AM

Comments

Seems sad that folks in arrears for their rent have also overspent on the holidays.

They'll never be able to buy a home.

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 5 years ago

Gabrielle, good advice.  It is always better to anticipate and plan than to react and act rashly.

Posted by Scott Larson, Park City, Utah Real Estate News (BHHS/Utah Properties) over 5 years ago

There seems to be a slight shift toward rental properties in Tucson Gabrielle. Best to find a good rental agent.

Posted by Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366, General Contractor, Dry Rot and Water Damage (Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366) over 5 years ago

Good morning, Gab.... keeping rents at an affordable rate will create some stability for that rental and existing tenant will renew.

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

Sound advice for landlords in your conclusion. Sad thing is once the inventories have reached the saturation point for rentals, investors will cease buying and while some will sell excess properties; I fear that many investors will move their money elsewhere and sales will fall, causing inventories to climb again, and market prices to fall further for real estate.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (Realty National) over 5 years ago

Gabrielle, Interesting findings, it also seems that the population is getting back to honoring commitments. There is no free lunch. Many renters the past 3 years have decided that if their landlord isn't paying the mortgage, it was ok for them not to pay the rent. Finding out one has nothing to do with the other, they got evicted. Good post.

Posted by Mark Horan, "The Resident Chef" - Resident Team Realty LLC & (Resident Team Realty, LLC & Toni's Property Management LLC) over 5 years ago

The rental market has many issues because you are dealing mostly with people that may or may not be responsible in planning for the future..

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) over 5 years ago

Gabrielle,

Congratulations on making the Top Ten AZ Rainers! 

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 5 years ago

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