Why Should I Purchase a Rental Property in Vail, AZ
If you are thinking about buying a rental property in Vail, AZ, find out if it fits your investment strategy and goals. Let’s look at some statistics about the area and learn why a property manager can help ensure your success.
The data helps you determine if an area is right for you. If you are looking for appreciation, you want a city that is on an upward growth trend and has a healthy economic base. Let’s take a look at some real estate trends and city data for Vail, AZ.
About Vail, AZ
Vail, AZ is a growing, mid-sized city that is just 24 miles from Tucson. The weather makes it an attractive place to live with sunshine almost every day. The area has a rural feel, but you will find both modern master planned communities in addition to farms with horses.
- Population: 11,735
- Median age: 39
- Highly rated schools
- 27% population growth since 2010
- Expected to grow 35% in the next 10 years
- #22 America’s Best Cities for a Healthy Retirement
- Average household income: $79,155 above US average
Vail real estate
- $262,732 Median home price
- 3.9% annual appreciation
- 7.7% appreciation over the last 10 years
Vail has some of the highest appreciation rates in the country at 6.92%. Many of the homes in the area are newer, so the town has an updated feel. Even during a downturn in the real estate market, Vail real estate continued to see prices grow.
Economy in Vail, AZ
Vaile experienced job growth of 2% in the last year. Vail has commuters that work in Tuscan, so they benefit economically from being a suburb of the 2nd largest city in Arizona. Nearby corporate employers include the University of Arizona , Intuit, US Air Force, Roche, Texas Instruments, Citi and IBM.
If Vail doesn’t work for your strategy, Mynd has offices in over 19 investable markets. We can help you find one that fits your budget, strategy, and goals. Our Vail property management company has access to proprietary data to help base your decisions on accurate numbers. Have an experienced property manager on your team will help you make smarter investment decisions because they know the local rental market.
How to Accurately Set Rent for my Vail, AZ Rental Property
How do you know you are charging the right rent for your Vail property?
There are many factors that can affect the rent rate. You will want to look at city trends and real estate data such as:
- Is the city growing?
- Are rentals in demand?
- What property types are people looking for?
- How is the economy in the area?
- What are the real estate trends?
- Will my property lease quickly?
A property manager can help you answer these questions. When you are looking at what property is currently renting for in the are, be sure you are only looking at property types that match yours. You want to compare apples to apples.
- $1,550 average rent for 2 bedroom home
- $1,650 average rent for 3 bedroom home
- 10% renter occupied
- 90% owner occupied
Having more owners than renters in the area is great for home values. Because owners tend to take better care of the property they live in, your home’s value will benefit. Keep in mind the appreciation in the Vail area is some of the highest in the country. You may be able to get both cash flow and appreciation from the right property.
A Vail property manager can help you determine the right rent rate, so you maximize profit and reduce vacancy time. Mynd offers a FREE rental analysis so you can find out what you can expect to receive. They can also answer any questions you have about the area and the rental market.
Why Should I Hire a Property Management Company in Vail, AZ
Should you hire a Vail property management company or self-manage?
A rental property is a business.
Purchasing the property is only the first step. How you operate it will determine your success. A property manager knows how to manage a property correctly. They ensure all laws and regulations are complied with in addition to the day to day operations. Is that worth the time it saves you? Let’s look a few examples of things you may have to deal with.
Maintenance of the property is just one of many tasks required by a landlord. Taking care of emergencies in the middle of the night might not be something you are interested in handling. Some typical maintenance issues in the Vail area include:
- Home pools
- Water line repair and maintenance.
- A/C services – Frequent use in hot areas like Vail can increase the wear and tear on your HVAC system.
Laws, Rules and Regulations
As a landlord you are required to comply with local, state, and federal laws that apply to rental property. These laws change frequently and are written using terminology that may make it difficult to interpret. Breaking a law can cost thousands in court fees and fines, so you want to know that you are staying informed about new regulations. You will need to dedicate the time to researching this information, or hire a property manager to do that for you. Mynd has in-house counsel, and all property managers are current on the applicable laws.
Some examples of local laws that might apply to your Vail rental property include:
- Homeowners’ Association Dwelling Actions
- Planned Communities
- Condo laws
- Residential Landlord & Tenant Act
- New marijuana laws
Day to day operations of a rental property
Property managers take care of the operations related to your rental property. Their job is to ensure the tenant is safe, your rental complies with code, and every step of the process follows the law.
Management tasks include:
- Marketing and advertising the property
- Accepting applications
- Screening applicants
- Choosing a quality tenant
- Lease signing and enforcement
- Collecting rent
- Overseeing the move in process
- Handle sticky tenant situations
- Handling lease renewals
- Evicting a tenant if it becomes necessary
Each of these tasks have laws and regulations that govern them. For example, you must know what you can and can’t ask on an application. There are Fair Housing laws you must adhere to. If you decide to self-manage, you are responsible for staying current on all the laws and regulations that change constantly. What is your time worth to you?
Hire a Vail Property Management Company
If you are looking for property management in Vail, AZ, contact Mynd today. We offer a three tier pricing plan so you can select the one that works for you. Mynd is ready to be a valuable part of your investment team.
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