Phoenix’s popularity as a vacation destination has fueled the market for investment properties, based on a recent Wall Street Journal Report.
The popularity has spawned a new trend across the Valley, where people are buying properties and turning them into rentals. One real estate expert says that, while the trends favor investors, the purchases will inevitably tighten the already existing housing shortage.
Valley real estate agents are seeing a rise in people buying luxury homes to list on vacation rental sites like Airbnb. Some of the rentals are going for more than a thousand dollars a night.
Mark Stapp, director of real estate programs at ASU’s W.P. Carey School of Business, said that people were not able to get into the lodging or rental business if they just owned one or two houses.
But, new tools and technology have opened up the game to everyday…