Here is what was at the top of the headlines for the property management and real estate industry this past week.
How to cash in on booming rent rates the smart way. During the last 15 years, rent prices have been on the rise. Younger people are taking longer to enter the housing market themselves, so they are renting for longer. Older generations are also renting more after selling their homes in order to downsize. The amount of rental homes available is scarce and rates are soaring. That’s tough for folks who are looking for an affordable home to rent but great news for homeowners thinking about renting out their homes for a little extra income.
Is a new housing development in the cards for Mesa? Terrance Wall has requested a rezoning of land on the northwest corner of Sossamon Road and Southern Avenue in Mesa, Arizona for the development of an 81-unit single-residence subdivision. While many voiced concerns over spacing, the Planning and Zoning Board hearing held on Wednesday, Sept. 16, resulted in a vote 7-0 to recommend Mesa City Council approve Mr. Wall’s request.
Are the rising rental prices in the Phoenix area going to slow down? The last few years have been a great time to be an investor in rental property because of increasing rental costs and low vacancy rates. But with the amount of apartments rapidly increasing, and renters starting to consider purchasing a home of their own with the improved economy, those rental prices may start slowing down.
Approximately 275 Chandler and Gilbert property owners will be required to purchase flood insurance beginning in November, when their homes are added to a high-risk flood zone.