Growing the Real Estate Market in Peoria
Over the past decade the U.S. population grew by roughly 10%. Arizona outpaced this growth, seeing a population rise of 25%â??the second highest for any state, trailing only its neighbor Nevada. So, when looking for investment opportunities in the real estate market, Peoria property managers know their home state is ahead of the national curve.
While the stock market has rebounded from its recent lows, there's no guarantee that the current recession has reached an end. Markets can fluctuate, but common wisdom still holds that, in the long run, investing in real estate is one of the sure true values. This is why anyone who's considering investing should seek out Peoria property management companies that are dedicated to making secure and long-term investment.
Peoria is a city of 154,000 people, spread out over a swath of 141.7 square miles, making it far less densely populated than other nearby cities of comparable size such as Chandler, Scottsdale, and Mesa.
Of course, future investment opportunities for property management companies in Peoria are inextricably tied to the city's overall plan.
In 2001 the city approved a General Plan, which designated five areas in Peoria for growth (one of which lay next to the historic center) and one other area slightly north of the Loop 303 highway for future growth. Two years prior to that most of the land around Lake Pleasant Regional Park-at the northern end of the city's boundaries-was annexed to the city. So property management companies in Peoria will see land development both in the urbanized sections as well as in the "untouched north" for several years to come.
This isn't to imply that population growth can simply continue unimpeded. Peoria was the first city in Arizona to base growth projections on water availability rather than land mass-after all, Peoria is located in a desert. But as the northern and northwestern boundaries of Peoria continue to be delicately filled in, Peoria property managers will contribute to the overall strengthening of the real estate market. A recent 2011 survey by Forbes listed the Phoenix metro area as the 3rd-fastest-growing city in the U.S., while at the same time projecting employment to grow at a rate of 2.7% over the next five years, and overall economic growth at 4.3% over the same period. If those projections for the Phoenix region hold true, Peoria property management companies will be in the right position to make investments.
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