Phoenix Investment Property for Sale - 2023 Rental Home Appreciation
Don't know where to invest in real estate? You're not alone. Many soon-to-be investors are excited to begin their real estate investment journey but don't know where to start.
Phoenix realty could be the perfect addition to your investment portfolio.
Home prices have risen due to an increased demand for housing. As a result, rental properties and real estate have become hot commodities, leading to many potential real estate investment property opportunities.
Phoenix's Attractive Housing Market
While the cost of living in Maricopa County is slightly lower than the national average, the jump in population has made real estate sales prices, and property values soar. Last year, nearly half the people in the greater Phoenix area resided in rental homes, multi-family complexes, and other investment properties.
Zillow has more than 1,700 listings for rental properties and over 1,500 homes for sale. Here are some neighborhoods to check out:
- Camelback East: This sought-after urban village joins the Biltmore and Arcadia neighborhoods, bringing rich history and culture to residents. It's within five miles of the Phoenix Zoo and one of the area's most famous landmarks, the Wrigley Mansion.
- Litchfield Park: This affluent community borders eight cities, including Glendale, Goodyear, and Buckeye, creating a small-town atmosphere with big-city amenities. Residents and visitors alike enjoy the four-star Wigwam Resort and Spa.
- Chandler: Located in the central part of the Mesa-Phoenix Metro Area, Chandler offers affordable luxury housing in HOA-managed communities. Its school districts are ranked among the best in Arizona.
- Kiwanis Park: This family-friendly Tempe neighborhood features walking trails, a recreational lake, sports fields, and an indoor wave pool with water slides, ideal for active families. Plus, this quiet neighborhood is just 18 minutes from downtown Phoenix, so commutes are low-stress.
- Ahwatukee: Located near the picturesque foothills of the South Mountain Park and Preserve, Ahwatukee is considered to be one of Phoenix's hidden gems. Its beautiful and unique neighborhoods are full of southwestern charm.
Other areas around Phoenix to consider include:
- Peoria - a desirable area known for fishing, kayaking, and additional water-related activities
- Laveen - an increasingly urbanized area due to housing and commercial development
- Paradise Valley - a desert oasis in the Scottsdale-Phoenix area
Rental Home Appreciation in Phoenix
The greater Phoenix area is an ideal region for real estate investment properties. Here are a few of the most significant reasons:
The Phoenix area boasts nearly 200 golf courses. While many move here for golf, others find Airbnbs provide excellent vacation accommodations. Real estate investors are finding opportunities in a wide range of real estate.
Phoenix real estate has the opportunity to cater to local sports celebrities from MLB, NHL, NBA, and NFL, providing upscale, move-in-ready rental properties.
Arizona State University is the largest college in Maricopa county. As a result, the demand for student housing is high, and property management companies have their hands full, bringing in new renters.
Economic Growth in Phoenix
Arizona forecasts 2.2 percent employment growth by 2030, with an estimated 700,00 jobs added. Maricopa county houses more than half of the entire state's population, and the Phoenix metro area is its economic center.
With Taiwan Semiconductor building a new production plant in northern Phoenix, this will create the need for more single-family homes and multi-family complexes.
Amazon and Raytheon are also in the Phoenix area, providing diverse employment opportunities.
The forecasted population and economic growth for the foreseeable future indicate that now could be the time to invest.
Is Phoenix the market for you?
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