Hot rental areas in the Phoenix az valley?

Asked by Albert Hernandez, Phoenix, AZ Wed Jun 3, 2009

Hi, I am looking to purchase a multi-family property (2-4 units) for immediate cash flow and long term growth. What areas have had low vacancy rates and what areas are prospering in rents in the current market?

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Artur Ciesielski’s answer
Artur Ciesie…, , Phoenix, AZ
Wed Jun 3, 2009
Al,

Be careful about data and it's source. No one keeps accurate data for this segment of the market.

Valley wide vacancy rates for all multifamily and single family homes are high: they tend to be lower in popular areas with more desirable schools, good transportation... This is for the most part Central Phoenix, though vacancy is only part of the equation. If you get a really good price, the often even high vacancy won't keep the return from being good. More important are the long term prospects for a property vs. short term numbers.
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Steve Belt, , Scottsdale, AZ
Wed Jun 3, 2009
For a multi-unit property, I would recommend you stay very close to the Camelback corridor.
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