Why Should I Purchase a Rental Property in Green Valley, AZ
If you are considering purchasing rental property in Green Valley, AZ, what are some of the determining factors you should be looking at? Let’s look at some important information about the city and how a property manager can help determine if this market is right for your investment strategy.
Before purchasing a rental property, determine your investment strategy and goals. Researching statistics and trend data will help you determine if a market works with your strategy. It is important to look at city trends such as:
- Is the city growing?
- What types of industries contribute to the economy?
- What are the real estate trends in the area?
The data is going to tell you a story, and you can use it to determine if the market offers the investment opportunities you are looking for. When investing, you want to make a smart decision based on numbers not emotions.
About Green Valley AZ
25 miles south of Tucson is the small town of Green Valley that is rich in archaeological and historical sites. The “Green” in the city’s name comes from the plants, trees, and shrubs that are green most of the year.
- Cost of living 91.5 so less expensive than the US average
- 8.2% unemployment
- 21,912 population
- 2.4% population growth since 2010
- Good schools
- 72.4 median age
- 2% job market increase in the last year
- $66,207 average household income
The unemployment rate is probably a less significant factor to consider since many residents are retired.
Green Valley economy
Most jobs are going to be in the Healthcare and Social Assistance, Retail, Professional, Scientific, and Technical Services industries. The largest employers in the area include Pima County, USPS, and Smithsonian Institution’s Whipple Observatory. Green Valley has not seen a lot of growth. However, because it is a stable community the rent is likely steady as well.
Popular communities near Green Valley
- Amado, AZ
- Patgonia AZ
- Sahuarita AZ
- Tubac AZ
Mynd Property Management manages properties in Green Valley, and we have proprietary data that can help you determine if this area is a good fit for you. We know the rental market and can give you some additional data and information to use in your decision.
If Green Valley isn’t going to work for you, we operate in over 19 investable markets across the country and can help you find a market that will help you reach your goals. With Mynd, you can diversify your investment portfolio across multiple markets and simplify the operations end with one property management company.
How to Accurately Set Rent for my Green Valley, AZ Rental Property
If you own rental property in Green Valley, how do you determine the rent rate?
It is important to use accurate data about the current market when setting rent rates. The market is cyclical and from year to year the amount of rent you can charge can change. There also may be laws governing how much you can change the rent.
The market determines the rent rate
Markets change and have cycles. To reduce vacancy time and maximize your profit, you need a competitive rent rate. Just because you rented it in the past for a certain amount doesn’t mean that you can rent it for that today. That number could be higher or lower, so it is best to analyze the current market to determine the rent rate for today.
Factors that can affect the rent rate
- What are the average homes prices vs what you are renting it for?
- What type of property do you have? Is it what people are looking for?
- Year over year trends and growth for Green Valley
- Current demand for rentals. Are you renting it during the prime rental season?
Green Valley real estate and rental market
- $1,500 average rent for 2-bedroom home
- $216,00-$220,000 median home value
- 2 bedrooms are most common (70% of home types)
- Single family homes most popular (55%)
- Townhomes are the 2nd most popular (29%)
- 20% renter occupied
- 80% owner occupied
A 20% renter occupied rate is going to help you with the resell value of your investment. Because most residents own their homes, they likely take care of them which helps maintain the value of property in the area. It is currently a sellers’ market in Green Valley due to low inventory, so take that into consideration.
To maximize your investment, it is important to make decisions on accurate data and have the right team supporting you. Mynd property management is ready to be an important member of your team. Our Green Valley property manager offers experience and insight into the local rental market. We can help you determine the right rent rate with a FREE rental analysis and help you make smart decisions backed by accurate data.
Why Should I Hire a Property Management Company in Green Valley, AZ
What does a Green Valley property manager do?
A Green Valley property management company is there to manage the daily operations of owning a rental property. They can be an important part of your team and help you maximize your returns. Your investment is a business, and your property manager is there to make sure it is operating as one. This includes having rules, policies, and procedures as well as ensuring you comply with local, state, and federal laws and regulations.
Navigating the Laws and Regulations
If you choose to self-manage your property, you are required to know the laws and regulations that apply to your rental. Because these are constantly changing, you will need to commit the time required to read up on them to stay current.
Example regulations that apply to Green Valley property
- Residential evictions have a specific checklist to follow
- Lease compliances, terminations, and rental agreement regulations
- During eviction, local laws require a landlord provide a tenant with written notice saying why the eviction process has started.
How much is your time worth?
Many of the laws are written using legal terminology that can be challenging to understand. This is often enough of a reason to hand over management to a property management company. Mistakes can cost you thousands in legal fees and fines. Our property managers know the laws that apply to your property, and Mynd has in-house legal counsel.
What a property management company does
A Green Valley property management company takes care of the day to day operations of your rental property such as:
- Marketing the property
- Collecting applications
- Screening applications for quality tenants
- Preparing and enforcing the lease
- Collecting the rent
- Distributing funds to owners
- Handling maintenance issues
- Processing lease renewals
- Evicting a tenant if necessary
Each of these processes must follow the laws and regulations that apply. For example, there are things you can’t ask on an application because of Fair Housing laws. When you hire a property manager, you know that your tenant is safe, the property complies with code, and your investment is being taken care of.
Hire a Green Valley Property Management Company
No one purchases investment property with the intention of taking on a second or third job to manage it. As you add properties to your portfolio, the time requirement also increases. The cost of property management in Green Valley is worth the value it provides. Mynd offers a three-tier pricing options for management so you can select the level of service that fits your needs. Mynd is ready to be your partner and help you succeed Contact us today.
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In the meantime, learn more about ways to start with a smaller downpayment here.