Investing in Residential Rental Property

The Tucson Residential Rental Market includes both short (less than one year) and long term leases.Ideally, Residential Property Leases should have a minimum one year term to minimize the costs and lost rents associated with tenant turnover. It would be a mistake, however, to ignore the market for short-term leases, as Tucson regularly receives a number of visitors that require rentals of less than one year.This market includes:

Winter Visitors: Also known as "Snow Birds", the season for winter visitors begins in October but peaks in the three months following the December Holiday Season. Leases of three months are common, six months less so. Winter visitors typically expect to lease a furnished apartment, but will pay a premium for the short term and convenience.

Golf Homes & Villas: Visitors that occupy these properties are actually a subset of the Winter Visitor crowd. Homes or Villas that are adjacent to the golf course and have an unobstructed view are in the most demand and command the highest prices.They are generally rented furnished.

University of Arizona Students: There are a number of single family homes in the University area that have been converted to lease homes serving two to four or more students. Properties are generally rented unfurnished and for nine months or ten months beginning in August. It is not unusual for parents of students to purchase a home with the intent of renting it to their student son or daughter and their friends.

• How to Eliminate Risk in Real Estate Investments

• 10 Important Tips to Successful Real Estate Investing

• Investing in Residential New Construction

• Investing in Land & Vacant Lots

• Investing in "Fix & Flip" Opportunities

• Commercial Real Estate Investments

• Investing in Apartments & Multi-Family Homes

• The Most Common Mistakes People Make When Buying a 2nd Home

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