Rental Investments in Prescott, Arizona
Owning a second home can be a great investment and an additional source of steady income for a family. It can be rented out on a long-term basis or as a vacation rental. If you own a second home in Prescott, you may be wondering what makes this a good city for an investment property. We’ll touch on a few aspects that will have you excited to start renting today.
Prescott is a great choice for long-term renting because the market is crowded. This may not be a good thing for most industries, but If you are considering using your home as an investment property, this is good news for you. According to the Department of Numbers, Prescott’s vacancy rate is 2.52%. This is much lower than the national rate of 6.18%. Quite simply, there are a lot of renters and not a lot of homes to rent. This means you can be picky when looking for a renter, and you can maintain a healthy margin on your rent price.
Prescott’s growth isn’t showing signs of slowing down either. According to The Daily Courier, Prescott was number 4 in population growth in Arizona. Even though there are several new developments in the Quad-City area, the vacancy rate is likely to remain below the national average. In Prescott, you are on the favorable side of the supply and demand equation. Long-term renting just makes sense for extra income.
If a long-term renter is not right for you, you might consider a vacation rental. Prescott hosts many events and attractions which bring in tourists from all over the state and across the country. A few of which include the “Whiskey Off-Road” mountain bike race, the “World’s Oldest Rodeo”, and Prescott’s famous “Whiskey Row”. Additionally, residents of southern Arizona retreat to Prescott to escape the 100+ degree temperatures.
According to the Arizona Office of Tourism, Arizona’s North Central region receives 8.1 million overnight visitors spending just over $600 million on accommodations. Additionally, there are only 1,072 AirBnB listings in Yavapai County.
Prescott’s thriving economy makes having an investment property a no-brainer. The tourism and growing community make your decision simple.
If you haven't considered investing in Prescott real estate for yourself, as a rental property, or lodging for thousands of visitors every year, don't you think it's time? Contact us today to learn more.