Here at get MULTIfamily, we are experts in assisting clients with the entire process of investing in or selling a MULTIfamily property. We understand the Phoenix, AZ MULTIfamily market and are well-versed in all aspects of the sale, purchasing, leasing and management of MULTIfamily units. We would love to speak with you. Give us a call or fill out the contact form. We will be in touch shortly.
Our area is one of the fastest growing in Arizona for several reasons. It’s warm and sunny most of the year. With the terrific amenities and attractions here in Phoenix, there are great real estate opportunities, especially with the more popular multifamily home.
The population in metro Phoenix and the area over the last few years has been growing at an unbelievable rate. The appealing climate, job growth, business environment, and few regulations have seen an influx of new businesses and residents. About 40,000 people a year are relocating to the Phoenix area. In 2019, most were coming from California or the Midwest. This population boom means a need for housing. With limited land for expansion, the obvious solution is to build more multifamily units upwards instead of a combination of low-rise and high-rise condo buildings.
Historically, the real estate market has been at the top of this list for high returns on multifamily investments. For example, in 2020, our vibrant city saw an average annual return of just under 14% on multifamily homes. Investing in this type of real estate can also offer great growth potential and some tax benefits.
What is affecting multifamily homes in our area? Millennials! In the last U.S. Census, 11% of all millennial renters in the Phoenix, AZ area expect to be renting for the rest of their lives. And where do they want to rent? In a multifamily unit neighborhood where everything is within a short walk; there must be good amenities; plus be close to shops and entertainment. It’s not just the millennials either! Retirees who are looking to downsize also like the idea of being able to walk in the neighborhood. Small families also like the idea of becoming part of a community while living in a multifamily unit.
The multifamily unit real estate market is extremely competitive and we are still seeing multiple offers on some properties, especially those in the more desirable areas like downtown, midtown, and uptown Phoenix as well as downtown Tempe and even downtown Mesa. At the moment, these are the core neighborhoods in which to make your best investment.
The easy definition is that a multifamily home is a residential property that has more than one housing unit. Every unit must have a private kitchen and bathroom as well as separate entrances and utility meters. Duplexes, triplexes, apartment buildings, condominiums, and row housing are all considered multifamily homes.
Investing in multifamily properties with multiple rental units comes with added time, expenses, and overhead. That said, these units have the potential to increase your monthly income while growing in value and reducing your financial risk. We have relationships with a number of property management firms that will take care of the day-to-day operations of your rental units.
The other challenge when purchasing a multifamily home is of course finding good tenants. We have tons of experience when looking for and screening tenants who will care for the property while helping them with their concerns when called upon. If you're looking for ideas on how to find the perfect tenant we have that covered too.
Do your homework! Contact one of our team members here at GET MULTI FAMILY. We are active in the market and have strong relationships with buyers, sellers, investors, and the general market as well as property managers, contractors, home inspectors, and others. We can structure the right deal by taking advantage of our relationships with both banks and private lenders to make sure that you will do well with your investment.
As the Phoenix market is very competitive, you need to be prepared. Good deals don’t stay on the market long and this is where GET MULTI FAMILY comes in! We can help you with getting your game plan in place before you make the offer. We will help you every step of the way. From helping you with writing your financial plan to finding the right lender, we have strong relationships that will determine the best course of action for you. We want you to succeed!
Here at GET MULTI FAMILY, we have all the skills necessary to work with you on either the purchase or the sale of your multifamily home. Contact us today and we will be happy to meet with you to discuss all of your options.
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