Things To Look Out For When Listing Your Arizona Property For Rent

Before the pandemic hit, I had prepared a cottage on my Tucson property for rental. I had gone through the process of renovating, done the research, and priced accordingly. According to local statistics, I was almost guaranteed a fair number of potential tenants.

There was interest, but by the time lockdowns began, no one had signed a lease and I was left taking care of an empty cottage for months. Even though things haven’t exactly returned to normal yet, we are getting closer to that goal. I now have a great family living in my rental property.

The good news is that, in Arizona, this year’s trevails haven’t significantly impacted the amount of rent you can expect to receive. Arizona property has always been reasonably priced for both landlords and renters and if you were getting ready to start renting out your property, you still have the opportunity to make good money. It's a good time for finding tenants and collecting rent. 

Of course, renting your property out in Arizona is not as simple as a one-and-done deal. There are a number of things you should look out for to ensure you have the best experience with your potential tenants.

It’s possible that you've lived in the space you are renting out, but if you have not, or if you have built or renovated the home yourself, you won’t know for sure how it will hold up against natural disasters.

Homes in Arizona are at risk of flash floods, earthquakes, and even tornadoes. It is your responsibility as a landlord to ensure your home is safe no matter what happens. This is both for the wellbeing of your tenants as well as your financial stability. If your property is going to be blown down by a strong wind, you will not only have to spend money on repairs but also lose income from tenants who will have no choice but to move on.

Get a home safety expert in for a consultation. They know what to look out for, and will think of potential issues you would never think to consider yourself.

Renters insurance provides cover for anyone renting a home. It covers, among other things, their possessions, personal liability, and loss of use. What does this have to do with you?

Well, for one thing, it ensures your tenants are able to continue paying their rent even if they fall victim to theft or damages. If they accidentally cause harm to someone else’s property or person, it will pay out and keep them financially stable.

This may also apply to damages they do to you and your property. You can require them to get renters insurance as part of the lease. To find out more about renters insurance in Arizona click here. Considering the risks homeowners face in Arizona, it is only wise that your tenants are covered.

If we’ve learned anything from 2020, it is that we cannot prepare for every scenario. Businesses which showed incredible promise went under because of the pandemic. Properties that would have brought in a lot of income stood empty.

But that does not mean you should not be at all prepared. Many property owners live in hope that their property will not stand empty for longer than a month or two even if their tenants leave. Try and make sure that you have the ability to see out longer periods, and to cover unexpected costs that arise.

This might mean that you hold off on unnecessary renovations or from buying another property until you have enough disposable income to do so without compromising your plan B.

A pandemic is not the only scenario that leads to major crises for homeowners. Your own Arizona home might be damaged by flooding, and you'll need to find somewhere else to live. You might even have to use property that you planned on renting out, and suddenly find yourself without rental income for the foreseeable future. ALternatively, your income will be offset by what you are paying for another rental.

Property is one of Arizona’s most surefire income sources, but there is still so much that could go wrong. This does not mean you should reconsider renting out property, but you should prepare yourself for every scenario.