Though the vacation rental season in the Phoenix market is nearing its end, the months of April and May remain the time to buy a property to use as a vacation rental – especially if you’re looking to purchase in one of the area’s many retirement communities.
Inventory thins substantially at the end of the spring as owners prepare for the summer exodus to the north and east. Fewer winter visitors means fewer friends in town, fewer renters debating whether this is the year in which they’ll finally buy and fewer buyers. In Westbrook Village, inventory levels that stay in the 100 – 110 property range through the spring fall into the 60s and 70s; in Ventana Lakes, the number of properties on the market falls to a couple of dozen.
Those remaining on the market either are stubborn or anxious to sell, depending on their own personal circumstances. Either way, they tend to be aware that offers will be fewer and farther between over the summer months.
At the same time, these are the months when vacationers are making plans for the following spring. It’s not uncommon for a new vacation property made available now for the following winter to be filled extremely quickly – sometimes a week a less, often times slightly longer. Local vacation rental agents can help in the process though many owners have success on VRBO.com or VacationRentals.com.
No matter when you purchase, the key for a vacation rental is that it be a vacation-style property whether due to the amenities a community offers, perks particular to the property itself (such as a lake or golf course view) or the location. An average house in the middle of an average subdivision likely will not be profitable as a vacation rental as there’s no vacation-type aspect to the property.
For those in the over-55 set, here’s something that would work:
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