HomeVestors of America Inc., which does business under the name We Buy Ugly Homes, and Local Market Monitor ranked Phoenix as the seventh-best market for investing in rental properties.

The study found markets that suffered severe hits in the housing crash have become the best rental markets. Las Vegas is in the top spot, and two Florida markets cracked the top 10: Orlando (No. 4) and Tampa (No. 6). While those markets represent some risk, the rewards are higher.

Phoenix, where vacancy rates are 13 percent, got good marks for keeping rents relatively stable, even with the drop in home prices and the fact that jobs seem to be growing again.