Rental Housing Journal Arizona
July 2016 - Vol. 8 Issue 7
2. Single Best Way for Property Managers to Get Promoted
8. Ask the Secret Shopper – Appropriate Appearance
3. Tips to Taking Better Photos When Marketing Your Property
11. Dear Maintenance Men – Mold, Flush Valve Seats, Heating and Air Conditioning Preventative Maintenance
7. Make Your Units Spacious and Cohesive With New Flooring
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Co-Signers and Guaranties of Contracts
1Q16 Market Overview Multifamily Housing Update
Payroll Job Summary Total Payrolls Annual Change RCR 2016 Forecast RCR 2017 Forecast RCR 2018 Forecast RCR 2019 Forecast RCR 2020 Forecast Unemployment (NSA)
1,960.4m 66.8m (3.5%) 54.6m (2.9%) 32.1m (2.2%) 28.1m (1.6%) 27.5m (1.4%) 29.6m (1.4%) 4.7% (Dec.)
1Q16 Payroll Trends and Forecast The Phoenix labor market maintained a full head of steam during the first quarter. Establishments added to staff at a 66,800-job, 3.5% annual rate, on par with 4Q15’s nineyear high 68,900-job, 3.6% performance. The finance and construction sectors assumed leadership roles, collectively expanding payrolls at a 16,900-job, 6.2% year-on-year pace, up from 11,800 (4.5%) jobs during the prior quarter. Business, education and healthcare continued to contribute the lion’s share of new jobs, holding steady on a 29,000job, 4.8% year-on-year clip. By contrast, the retail trade, transportation and leisure services were weaker. Seasonally-adjusted data were somewhat at odds. This series recorded a sluggish 5,200-job 1Q16 advance, small-
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andlords and management companies should be extremely careful in understanding Arizona law as it relates to co-signers and guaranties of contacts. This article will cover these areas as they relate to lease agreements for rental property. Many landlords rent to residents with less than perfect credit or rental histories. However, before entering into a lease agreement, the landlord often requires another person to cosign the contract and guaranty the obligations under it. When considering entering into a lease agreement with a co-signer, make sure that you take the following steps: • Make sure you run a credit check on the co-signer. If the person is married, be sure you run the credit check on both the husband and wife. • Beware of out-of-state co-signers. If the lease is breached, you would be required to sue the co-signed and pursue them in another state. continued on page 6
Apartment Occupancy Surge Tops 96% In Second Quarter
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emand for U.S. rental apartments surged during the second quarter of 2016, gaining momentum after a sluggish performance in the first three months of the year, according to a new report from the RealPage.com MFP Research Division. The occupied apartment count across the nation’s 100 largest metros increased by 127,402 units in the second quarter, according to the report. This is one of the biggest quarterly demand totals posted throughout recent years, topping 2015’s second quarcontinued on page 4
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