Legality of Landlord Accessing Property

Many landlords who own rental properties are not always fully aware what they legally can and cannot do when it comes to the rights of their tenants. If you own a rental property in Arizona, or greater Phoenix Metropolitan area, you will want to ensure understanding of things landlords can and cannot do. Any professional property management company understands provisions and requirements of the local tenant and landlord acts, so inquire if you’re ever not certain.
Article 3. Tenant Obligations; Access § 33-1343
B. if the tenant notifies the landlord of a service request or a request for maintenance as prescribed in section 33-1341, paragraph 8, the notice from the tenant constitutes permission from the tenant for the landlord to enter the dwelling unit pursuant to subsection D of this section for the sole purpose of acting on the service or maintenance request and the tenant waives receipt of any separate or additional access notice that may be required pursuant to subsection D of this section.
C. the landlord may enter the dwelling unit without consent of the tenant in case of emergency.
D. the landlord shall give the tenant at least two days’ (48 hours notice) of the landlord’s intent to enter and only enter at reasonable times.
Article 4. Remedies; Tenant’s remedies for landlord’s unlawful ouster, exclusion or diminution of services § 33-1367
If the landlord unlawfully removes or excludes the tenant from the premises or willfully diminishes services to the tenant by interrupting or causing the interruption of electric, gas, water or other essential service to the tenant, the tenant may recover possession or terminate the rental agreement and, in either case, recover an amount not more than two months’ periodic rent or twice the actual damages sustained by him, whichever is greater.

Insuring Phoenix Rental Property

Rental properties are significant investments that provide income for many years. Through the ins and outs of life however, man made or spontaneous acts of nature, pose as potential hazards that can damage the property itself or the integrity of the rental income. If opting to use a property management company, they will be much more informed about directing you to the kind of insurance needed for your rental property.
The type of insurance needed for rental property is called landlord insurance which covers most financial losses incurred in case of an accident. The building is covered at the most basic coverage however, some policies allow for an expansion for insured items. These include fire, earthquake, flooding, explosion, storm, lightning, subsidence, malicious damage as well as theft. Keep in mind however that each insurance company and respective tailored policies may differ.
Landlord insurance is typically 15%-20% more than a typical homeowners insurance policy. Insurance is of course associated with risk, which is why this type of insurance is usually more costly. If a property management company is in the picture, often times they will have a prescribed insurer ready to refer that specializes in rental property insurance, sometimes even with discount. Phoenix requires rental properties to be registered with the Maricopa County Assessor, given that only some management companies require renters insurance, it is most certainly a highly recommended insurance.

City of Phoenix Rental License FAQ's

If you own a home in the city of Phoenix, and have decided to rent it out, you are required to have a rental license for the property. The city of Phoenix Neighborhood Services department requires that residential rental properties occupied or listed for rent be registered at the Maricopa County Assessors Office, even if the tenant is a family member. Among the regulations, rental units must be registered within 10 days of any changes in status or contact information.
How do I change the mailing address for the owner of the license? Or how can I update my other contact information?
A request to change the address must be submitted in writing and mailed to the Maricopa County Assessor at 301 W Jefferson St Phoenix, AZ 85003. The phone number is (602) 506-3406 if you have further questions.
My rental property is vacant or has changed to owner occupied - what should I do?
The owner must notify the department in writing at the County Administrative Building, 301 W Jefferson St Phoenix, AZ 85003 that they wish to close a rental license.
I’m no longer the property manager, what do I do?
The property manager must notify the Maricopa County Assessor at the County Administrative Building, 301 W Jefferson St Phoenix, AZ 85003 that they are no longer involved with the property.
To change a property manager, a new updated application signed by the owner, signed and notarized by the new manager, must be submitted the the department.
Why did I receive this bill? Or, why didn’t I receive my bill?
The Annual Renewal Bill is mailed in November each year. The license expires at the end of every December as part of the fiscal year. The county on the whole does not pro-rate.
The bill is sent to the contact/manager address provided by the owner on their application. If the address or contact information has changed, the owner must notify the Maricopa County Assessor at the County Administrative Building, 301 W Jefferson St Phoenix, AZ 85003. Their contact number is (602) 506-3406.
Do I need a rental license if I have a roommate?
If the property is occupied by an owner with either a roommate or family member, a rental license is not required. However, the number of roommates you have is limited by Housing and Zoning codes.

Investment Property

When the general public considers investments, most think of stocks, bonds and precious metals, whereas with property most may not maintain that exact same mentality. With recent downturns in the real estate market, buying a house is a better investment than ever. And here’s why. You might buy a home tomorrow and see the price of homes decrease, however they are on lowest levels they can be; the market has a bottom out point, and we know that has been reached when property values show signs of increase. If an owner opted to turn the home purchase into a rental property, it becomes an even better investment!
The difference when looking at housing as an investment as opposed to an occupied home, is that financing the investment comes from a mortgage and a down payment, usually between 3.5% and 20%. An investment into a stock generally is financed with 100% of available funds. However each year that goes by, equity increases in the property. Evidence from current trends in multiple markets across the country lend credibility to support for investing in property.
Many homeowners today who are not able to sell their homes have turned to renting them out for monthly cash flow. These same people have seen that with the volatility of the market, buying homes and renting them out can be a great investment, while buying many homes proves advantageous for even greater monthly cash flow. With the help of a property management company to manage these rentals, hoe investors have the time to have a full time job and maintain multiple successful rental property investments.

Homebuying in Phoenix

Questions often asked by prospective homeowners seek to gain a better insight into the market and of these typical inquiries is the renowned “when is the best time of year to purchase or renting a home?” In Phoenix, specifically we have the climate factor that very easily determines much of the business that occurs in the real estate sector where spring, typically January through May, become a common spree for many realtors in the Valley. Many factors are to be considered when deciding to move forward with a listing, as the time of year even affects how long it sits on the market which is important to uphold credibility to the listing agent or management company and their accuracy in determining proper list price or market rent amount.
College students will be looking for homes to settle in at the tail end of the spring, as well as families finishing the school year, which in and of itself, the academic calendar has great implications on the housing market in certain municipalities. The mild weather in the valley during these months make it easier to go through the entire moving process, where as many know that relocating in the the 110 heat in July is the most unfavorable scenario. If you end up leasing for example in one of the spring months, this allows you to market in late winter, where in Phoenix of course tends to be very mild. Hiring a Phoenix area property management company for tenant placement can help you fill a vacant property faster as they have the market power to help find a qualified tenant in a more appropriate amount of time to minimize months of vacancy.

AZ Renters Insurance

Renters insurance is often a policy that many overlook or do not even know what it covers, or how to go about initiating it on their rental property. Renters insurance is not required by Arizona state law in order to enter into a lease, however many property owners and management companies may require it as part of the lease agreement. Not only will it protect personal items in the rental property but also will cover accidental liability protection for injuries in your home and even cover temporary housing. Renters insurance is very cheap compared to other types of policies but is one that is perhaps best equipped to cover your personal belongings both expensive as well as sentimental.
Along with personal property it covers living expenses, and injury liability for those who may have been present at your property and accidentally injured. There are four main factors that affect differing prices in renters insurance; deductible, actual cash value/replacement cost, dollar amount of coverage and of course location of the property. Ensure when shopping around for policies to take the time to look for price and coverage that specifically caters to your needs.