Is the Gilbert, AZ market a good fit for your investment strategy? Learn more about this unique market, why you might need a property manager, and how to determine your rent for this area. When selecting an area to purchase an investment property, you want to be sure the market’s offerings align with your strategy.
Why Should You Purchase a Rental Property in Gilbert, AZ?
At Mynd property management, we look at key area statistics when helping investors decide if an area is a good fit for their goals and strategy.
- City trends
- Job growth
- What is the appreciation
- Housing prices vs rental prices
- Vacancy rates
These statistics help us determine what type of return you can expect to receive (appreciation, cash flow, or a combination of both). If this matches what you are looking for, then the Gilbert area is a good fit for you.
Mynd Property Management manages close to 8000 properties nationwide. If the Gilbert, AZ area does not fit your criteria, we have offices in about 19 markets that can help you with local data. If you have never invested outside your area, Mynd is here to offer you the same level of management in multiple markets to give you peace of mind that your property is being taken care of regardless of what city it is in. We want to help you make a smart investment decision based off solid, current data while not be limited to your own backyard. You might be interested in diversifying your investment portfolio across multiple markets, and Mynd can help.
When Should You Hire a Property Management Company in Gilbert, AZ?
If you have been managing your rental property yourself, here are some things to consider when deciding whether to hire a property manager.
Dealing with all the laws, rules, and regulations
As a landlord, you must comply with all the laws and rules that apply. Do you know what questions you can and can’t ask a potential tenant? Asking the wrong question could violate a Fair Housing or discrimination law.
1 out of 3 landlords find themselves involved in a lawsuit because they do not understand the laws.
It is hard to keep up with laws that are constantly changing, but it is your responsibility. When you hire a professional property management company in Gilbert, they will take care of that for you.
Look for the property management company that can be your partner
A property management company is there to make sure your property is protected while also ensuring the tenant is taken care of. At Mynd, we offer a three-tiered pricing structure so you can pick the level of service you need.
We offer an owner portal which allows you to login and see the same information we see such as:
- Leasing information
- Tenant updating
- Maintenance control
- Lease enforcement
You can conveniently log in from your phone, tablet, or computer to access this information.
You didn’t buy a property to get a 2nd or 3rd job, and you don’t want to have to manage the manager. It is important to select a reputable, professional Gilbert property management company that offers you the peace of mind in knowing your property is being taken care of.
Mynd’s Gilbert property managers are well educated when it comes to knowledge about the laws. We have in-house legal counsel that ensures your property is being protected because it is being managed in a way that is compliant with current laws and regulations.
How Do You Accurately Set Rents in Gilbert, AZ?
After purchasing your Gilbert, AZ rental property, how do you determine what rent to charge? The market determines the rent you can expect to collect. Mynd offers a FREE rental analysis of your property. Let’s take a look at some helpful statistics for the Gilbert area.
Gilbert, AZ rental statistics
- Average rent (single family and multi-family) is $1390 per month (11.2% increase over last year)
- Rental price for a house will range between $1500-2100 per month with the average being $1700-1950.
- 22% of the homes are rentals
- 77% are owner occupied
It is important to correctly price the property
You want to charge enough that you get the return you want while being at attractive price point for prospective tenants.
- The median list price for a house in Gilbert is about $470,000 (up about 1%). That is about $190/sq ft.
- Current inventory is about 250 homes which is a decrease of 58%.
Statistics like these will help you make a smart decision on what to buy and where to buy it.
Renter occupied vs owner occupied data
22% of homes in Gilbert are rental properties. Is that good or bad? That is probably a good thing. If most homes are owner occupied, you can assume they are being well taken care of longer which can lead to higher values. It should be easy to rent a property in the area. If the proportions were reversed, you could run the risk of the area going down in value because there are too many rental properties.
What will your property rent for?
If you want a free rental analysis of your property, contact us at Mynd. Not only do we offer property management services in Gilbert, AZ, we have offices in 19 of the most rent able markets in the US. If the Gilbert, AZ area doesn’t match your criteria, we can help invest in another market.
More markets means more choices
Being open to investing outside of your area gives you a larger selection of properties to choose from to find the ones that fit your strategy. You can expect the same level of service across all our offices, and dealing with one company for all your investment needs is convenient.
Mynd property management is ready to be your strategic partner, so contact us today for a FREE rental analysis, for more information on our Gilbert property management, or for assistance with purchasing your next investment property.