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Old 03-01-2017, 06:48 PM
 
5 posts, read 6,780 times
Reputation: 10

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We have been in Prescott for 4 years now leasing the same home. We leased it sight unseen from another state before the move and have lived in it ever since. It has been a good property in a desired location but there are amenities we would like that this home does not have. That being said , our lease is up every July and anyone who has lived in this area knows how hard it is to find rentals during the summer season. Our property management company usually requests a commitment of renewal a couple months prior to the end of lease date. We don't want to deny a renewal unless we are sure we have another home ready for us to move in to. We also don't want our management company to find out we are looking so they don't get freaked out. We will give them proper notice of non renewal but don't want them to know until then. Should we advertise with other property management companies (only concern is if they share info with each other)? Would like some advice so we can make a smooth transition to another home. Thank you
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Old 03-04-2017, 11:23 AM
 
Location: Prescott Valley, AZ
1,929 posts, read 5,917,730 times
Reputation: 1496
You sound like responsible tenants. I cannot speak for property management companies, because I have no direct experience with them. That said, if you always pay rent on time and keep the property in good condition, I cannot imagine that a property management company would not want to keep you on a month to month lease. The only exception would be if your current rent is substantially below market. It seems to me that if you have enough money saved for a security deposit and at least a half month's rent, then you should be able to locate a new rental, agree to lease it in two weeks, and then give a one month notice to your current property management company. Your property management company should be honest if the new landlord asks them for a reference. It would be a good idea to notify the management company that you are looking so that they are not blind-sided. Perhaps they even have another property that is more suitable to you.
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Old 03-05-2017, 11:47 AM
 
Location: Prescott Valley
181 posts, read 349,111 times
Reputation: 129
Hi. I really would suggest looking at buying. Rental rates are ridiculous right now. Interest rates are still in a great place, zero down programs are back and most can qualify.

If that is just not an option, then Brian's answer is solid.
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Old 03-08-2017, 08:34 AM
 
5 posts, read 6,780 times
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Quote:
Originally Posted by BriansPerspective View Post
You sound like responsible tenants. I cannot speak for property management companies, because I have no direct experience with them. That said, if you always pay rent on time and keep the property in good condition, I cannot imagine that a property management company would not want to keep you on a month to month lease. The only exception would be if your current rent is substantially below market. It seems to me that if you have enough money saved for a security deposit and at least a half month's rent, then you should be able to locate a new rental, agree to lease it in two weeks, and then give a one month notice to your current property management company. Your property management company should be honest if the new landlord asks them for a reference. It would be a good idea to notify the management company that you are looking so that they are not blind-sided. Perhaps they even have another property that is more suitable to you.
We could ask for month to month which would help instead of signing another year. My only concern is that they would start doing more frequent inspections to get on property fixes even if we haven't given a notice yet. Last year they performed 3 inspections just to fix certain issues with the home itself. We finally displayed frustration with the inconvenience to our schedules, and they have not done one since (about 8 months now). Our rent rate is fair for this area in Prescott, they probably would increase it if we go month to month. We will definitely let the company know of our intentions just not too soon. Thank you for your input.
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Old 03-08-2017, 08:49 AM
 
5 posts, read 6,780 times
Reputation: 10
Quote:
Originally Posted by PVAZno1 View Post
Hi. I really would suggest looking at buying. Rental rates are ridiculous right now. Interest rates are still in a great place, zero down programs are back and most can qualify.

If that is just not an option, then Brian's answer is solid.
We are a bit skeptical to buy right now with the prices at the top end. We feel the area does not have the jobs, etc to sustain the property prices going up.
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Old 03-09-2017, 09:55 AM
 
Location: Prescott Valley
181 posts, read 349,111 times
Reputation: 129
Default Renting Versus Buying

I understand that. For sure. Keep in mind that a lot of people moving here are retired and do not need jobs. That is what has kept our market higher than many areas of the state for a long time. It was 25-30% than the Phoenix area when I moved here in 2001.

Rentals are tough. I would just pick a few of the property management companies, do applications and just work with them to find something. The property management companies are ahead of the agents most of the time. Things are rented or have numerous applications as soon as they hit the multiple listing service, which is what Realtors access.

Quote:
Originally Posted by Prescottlocal View Post
We are a bit skeptical to buy right now with the prices at the top end. We feel the area does not have the jobs, etc to sustain the property prices going up.
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Old 03-09-2017, 01:28 PM
 
5 posts, read 6,780 times
Reputation: 10
Quote:
Originally Posted by PVAZno1 View Post
I understand that. For sure. Keep in mind that a lot of people moving here are retired and do not need jobs. That is what has kept our market higher than many areas of the state for a long time. It was 25-30% than the Phoenix area when I moved here in 2001.

Rentals are tough. I would just pick a few of the property management companies, do applications and just work with them to find something. The property management companies are ahead of the agents most of the time. Things are rented or have numerous applications as soon as they hit the multiple listing service, which is what Realtors access.
I hear you on the retirement stats. We want to stay close in town since we run a service industry business but the rates are getting out of hand. I do like your idea of doing applications with multiple companies. Is there a particular one that you suggest? You sound like you are in the bus. We have worked with A1 and Rent Right. Both have been fine.
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