The top rental markets in Arizona are Phoenix, Tucson, Mesa, and Scottsdale.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Arizona Rental Trends:
Arizona has a great mix of urban environments and more relaxed desert towns – not to mention several universities. People can’t get enough of the hot weather in Arizona which is why employment and population growth are steadily increasing. This is great for property investors who need to fill their properties ASAP. Here are some highlights from the top rental markets in the Grand Canyon State:
Days on Market:
The city with the lowest number of days on market is Mesa at only ten days – under the national average which sits at 15 days; Scottsdale has the highest number of days on market at 19.
The top three towns for the largest amount of leads per listing are around the national average sitting at 38. Here they are:
- Mesa – 45 leads per listing
- Phoenix – 41 leads per listing
- Tucson – 32 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Tucson comes under that with the lowest average rent of $920 for a two-bedroom compared to the highest rent in Arizona at $1,524 in Scottsdale.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,400. Arizona’s highest median sale price comes above that at $502,000 in Scottsdale with its lowest median sale price lower than the national average at $227,000 in Tucson.
Arizona’s median income rings in at $48,160 – close to the national average at $48,500.
Security Deposit Trends:
Security deposits have risen in Arizona cities between 2018 and 2019. With the largest being an increase of 13.25% in Tucson at $1,299, just above the national average for security deposits which is $1,200.
All of the Arizona cities had a livability score 65 or higher with the highest being Scottsdale at 78.
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top Arizona rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.