Best greater Phoenix area for STR?

[David Hanson]

Hi, looking for some advice on the best area of the greater Phoenix valley for a short-term rental, ie AirBnB.

Thinking Glendale for access to the local stadiums for NFL, NCAA, NHL, and MLB spring training but worried about being out in Glendale vs Scottsdale, Arcadia, Tempe, or Phoenix proper. Anyone have experience there? I'll be an out-of-town owner so will need a full service STR management company too. thanks in advance.

[Ryan Swan]

@David Hanson I'm biased towards Scottsdale because it has the most events and draws travelers from all over the US and the world. WM Phoenix Open, Barrett Jackson Auto Show, horse shows, Giants spring training (SF $$$ coming to town), Dbacks/Rockies spring training, world class casinos, and more golf courses than you could  play in a month. It also has a very stable real estate economy and good appreciation.

I've helped several BP investors purchase multiple short term rentals in Scottsdale. I've also helped another BP member purchase a property in central Phoenix that's doing extremely well...probably better than we even expected. I have a lot of personal experience owning rentals in Tempe, and I think it could be a good short term play. 

Feel free to reach out so we can chat further!

[Michael Greenberg]

@David Hanson I am a remote STR owner (reside in Colorado) with (4) properties in the Phoenix area. PM me and we can exchange some details.

Best,

Mike

[David Hanson]

@Ryan Swan thanks for the insights. Trying to reconcile and balance the higher prices of being more central with the expected extra rent and occupancy in those areas, against lower prices out in Glendale.

[Stanley Bronstein]

@David Hanson Just be aware that many HOAs (especially in Scottsdale), prohibit short term rentals, such as AirBnb. Make sure you do your homework with the HOA (if there is one), BEFORE you purchase the property.

I've seen HOAs fine homeowners big time and then they get into a dispute over the matter.

I'm sure you don't want that.

[Ryan Swan]

I think Glendale is very dependent on the luck of getting certain non guaranteed events - ie Super Bowl, Final 4, etc.  Scottsdale, Phoenix, and Tempe have guaranteed recurring events year over year. 

[David Hanson]

@Michael Greenberg Hi Michael, will do.  thx

[David Hanson]

@Stanley Bronstein Yep, I ran into that HOA restriction already with some condos in Glendale; on the house the listing agent says he'll double check for me. thanks for the reminder.

[Bill Haley]

@David Hanson While the prices in the Scottsdale / Tempe / Arcadia area are higher, @Ryan Swan has very valid points. It is a booming side of town. 

Also, If you stay near the 101, even down to the Chandler area, you can find some good places.

@Stanley Bronstein has an equally valid point. Do the research.

[Melissa Romano]

Hi David, I'm a STR owner of 2 units in Scottsdale. I'm also biased toward Scottsdale and have tons of recommendations to help manage your property if you're looking for them. Happy to connect if you'd like some.

[David Hanson]

@Melissa Romano Hi, thanks for the offer of recommendations, I'll PM you.  cheers.

[Navin Chopra]

Is there a list of some sort which details which HOAs allow or disallow short term rentals? I assume also, therefore, that they have no restrictions on long term rentals?

[Julie McCoy]

Originally posted by @Navin Chopra:

Is there a list of some sort which details which HOAs allow or disallow short term rentals? I assume also, therefore, that they have no restrictions on long term rentals?

HOA bylaws are going to be unique to each organization, and can change at any time based on member voting. The odds of there being an accurate, thorough list somewhere are slim to none, though you might get some decent info from a regional STR owner's group (there are lots of these groups on Facebook). ALWAYS check it yourself before purchasing a property.

[David Hanson]

@Julie McCoy, @Navin Chopra Totally concur with what Julie says. HOAs can ban rentals altogether, have a rental cap (ie max % of non-owner occupied units), or no rental cap at all.

[Scott Anderson]

@Navin Chopra When you find a property that suits your financial requirements, call the HOA...

[Suhas Madappa]

@Scott Anderson 

@Navin Chopra 

Usually HOA's are non responsive to provide the required answers so for initial analysis i will look up the similar property in STR websites (vrbo , airbnb etc) and to check the Occupancy % comps.