An investment property can be a profitable venture for your long-term financial future, but you must due diligence before choosing a location. Tucson rentals are in a hot target market, which makes a rental property near the University of Arizona an excellent choice. Here’s what property managers need to know before jumping in:
Plenty of Demand
The University of Arizona’s main campus is home to more than 45,000 students, so there is a steady and continuous stream of Tucson renters looking for a home. Whether you’re considering single apartments or a family home that would be shared by multiple students, there will always be demand. In addition to the student renters, Tucson is a magnet for retirees fleeing colder climates, and for young families looking to get started in a city with a comparatively low cost of living.
Speaking of Cost of Living
Tucson has been experiencing strong population growth over the last several years. Along with private companies, several government agencies and military organizations such as the Davis-Monthan Air Force Base and the US Customs and Border Protection offices are also major permanent employers in the area. Although service members and their families make up a large portion of the economy, the area is well-diversified. Employment numbers remain high due to non-military employers in the education, entertainment, and resort industries. Other major employers include Asarco, a copper mining company, Tucson Electric Power, the City of Tucson, and Walmart.
Tucson is Landlord Friendly
Arizona is considered to be one of the most landlord-friendly states in the Union. Property management companies and individual property owners are not troubled by mandated rent controls. Plus, the legal processes concerning landlords and tenants are there to protect both the investments of property owners and the tenants. Lastly, there are no restrictions on how many rental properties an investor can own.
Tucson Living
Life in the Old Pueblo is a unique experience compared to the rest of the country. The dry, warm weather, desert landscapes, mountainous backdrops, and prickly cacti are the perfect setting for resorts, spas, golfing, and plenty of nightlife. Property owners don’t have to worry about watering the lawn as fussy landscapes aren’t common, and shoveling snow is unheard-of. Tucson is ranked highly as a bikable city, and commute times average less than a half-hour.
Rental Properties in Tucson
Whether you’re drawn to the area for the warm climate and plentiful relaxation opportunities, or it’s strictly business and you’re looking only at profit margins, buying a rental property in Tucson is a wise investment. The area surrounding the University of Arizona has a constant influx of new students searching for a home and the wide range of families—from young couples with children to retirees—that are flocking to the area will keep your rent rolls full.
Bancroft & Associates understands all the ins and outs of the local market. We can find prospective tenants, collect rent, and maintain the property to take stress off of you. If you are ready to purchase an investment property in beautiful Tucson, Arizona, call us today at (520) 881-4884.
