The question of the year, "Should I raise rents?" My answer always is - it depends. Each landlord and tenant are different and though the rental market seems to be improving - it generally correlates with the interest rates on home purchases, the time of year, and other factors.
Looking at 2012 - the average rent for a single family residence in Tucson was $598 a month, in 2013, it jumped to $785, and in 2014 dropped to $737. Perhaps 2015 will bring a rise, but for now, the advice would be to remain stable over incurring a vacancy and check the market again when leases are due to expire.
Below are some highlights from the December Rental Statistics from the Tucson MLS:
Total Active listings for December - 994
Number of properties rented this month - 365
Average monthly rent for Apartments - $433
Average monthly rent for Condominiums - $795
Average monthly rent for Mobile Homes - $580
Average monthly rent for Manufactured Single FamilyResidence’s - $737
Average monthly rent for Patio Homes - $975
Average monthly rent for Plex’s - $576
Average monthly rent for Single Family Residence’s - $1,177
Average monthly rent for Townhomes - $907
Average Days on Market - 62
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 .