Rents and Investors
Do these go together? I think the answer is a definite YES! According to the local news, approximately 3500 apartment units are in the process of being converted to condominiums. What will happen to those tenants? I know of a couple of new apartments recently completed, but my guess is they will not replace all of those units. My guess is the new units are much more expensive. Soooo we should see close to full occupancy for the existing units and for sure an increase in rents. 

When the apartment units are full, I expect it to flow over into the single family residence (SFR) rental market and we are sure to see an increase in rents there as well.

Are there more investors for single family residences? Right now it does not make financial sense. Will some of the investors exit the SFR market in Tucson to look for greener pastures? I think it can happen but I hope not in large quantities.

If you are a renter it is not too late to purchase. Why not check with a lender to see what you can afford. Call me if you need help finding a good lender. There is never any charge or obligation to talk!

The MLS statistics for January 2006 will be out soon. Stay tuned for my next update…

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Ability Realty
Barry Fotheringham, Broker
7360 E. 22nd Street,
Tucson, AZ 85710