One question that comes up quite often, especially with the Canadian dollar hovering near parity (though not quite there) is how much properties might rent for in different areas of the Valley.
There are many, many variables to the question as rents can vary from one neighborhood to the next within a city much less from city to city and a four-bedroom property will collect more than a three-bedroom.
Having said that, if you try and even things out by looking at what I would say is a basic rental – 3 bedrooms, 1.75 or 2 baths, around 1,450 to 1,600 square feet, you should be able to get a sense of rents in different areas.
Major disclaimer – the data listed below is from the Arizona Regional MLS and is deemed reliable but not guaranteed. The rents below were the rents for these particular homes and do not guarantee, imply or otherwise promise that similar rent rates can be generated from a different property in the same city, neighborhood or block.
Also, I’ll mention in advance for the house in Scottsdale, there were several upgrades – maple cabinets, granite counters, etc. which you don’t normally find in basic rentals elsewhere.
|Arizona City||W. Mazatlan||$650|
|Chandler||W. El Alba Way||$895|
|El Mirage||W. Scotts Dr.||$845|
|Florence||N. Shelton Way||$650|
|Gilbert||E. Waterman St.||$975|
|Glendale (Arrowhead)||N. 77th Drive||$995|
|Laveen||S. 44th Ave.||$900|
|Maricopa||W. Michaels Dr.||$750|
|Peoria (Fletcher Hgts)||W. Via Montoya||$1,195|
|N. Phoenix||W. Running Deer||$1,100|
|Queen Creek||E. Omega||$750|
|San Tan Valley||W. Desert Seasons||$850|
|S. Scottsdale||E Wilshire||$1,050|
|N. Scottsdale||E. Taro Way||$1,700|
|Tempe||W. Sesame Street||$895|
|Tolleson||W. Sonora Street||$895|
The corresponding question is what would it cost to buy a place in one of these areas, and that will come next.
One last thought … if you’re Canadian it’s a must, but even locally it’s usually worth getting a property manager, so you’ll need to figure in a cost there. And if you’re Canadian, there also are taxes to be paid on the rental income.
Just some things to remember.