What type of Tucson rental property investment gives the best returns
Buying the right type of Tucson rental property investment gives you the best chance of earning a high return on your investment.
Most experts agree that a single family home is the best investment property compared to other types of properties like condos and townhouses.
There are a few reasons this is true, but keep in mind that the level of experience you have as an investor also determines the best property for you. Keep in mind: a Tucson rental property investment not only provides you monthly income, but its also a long term investment.
The first reason single-family homes are the best choice for a Tucson rental property investment is because they attract tenants that stay long term. Families and double income couples tend to offer an incredible amount of tenant stability, as they are more financially stable. Additionally, families are less likely to move suddenly because they have kids in the school district.
With that said, when looking for a property for couples or families, you need to find properties that attract that demographic. For example, renters with children will pay more for a property in a good school district.
The second reason single family homes make the best Tucson rental property investment is because they appreciate more over time compared to other types of properties. When you own a rental property in Tucson, you aren’t just making income from the month to rent month. You have a long-term investment that will pay off down the road.
Keeping that in mind, also look for properties that could use a little cosmetic TLC. Updating a property attracts better tenants and lets you charge more in rent.
There is always an exception to the rule!
If you are a first time investor you may like the ease of owning and renting out a condo. Condo associations handle much of the outdoor repairs and maintenance, leaving you to only handle the interior.
In the end, you should pick a property that works for you, your investment experience, and your requirements of time, money, and strengths.
Once you have chosen the right rental property, contact our professional team at Real Property Management Pinnacle in Tucson to protect your investment. Our 20+ years of property management experience, exclusive tenant screening process, and aggressive marketing of your property means you are in good hands.
Find out more about our property management program or contact us today for a no obligation consultation for wherever you are in the investment process.
TIP: Hire a property management company in Tucson that also is an experience property investor. We walk the walk, giving you the best advice for your property and the investment process.
About Randall Averitte: Randall is the principle owner of Real Property Management Pinnacle in Tucson and in Phoenix. As a successful residential and commercial property investor in Arizona, he brings a wealth of knowledge to his clients. He uses his experience to guide his clients to make the right decisions when it comes to investment and ownership.