Invest or Rent?: AZ Rental Market

Arizona’s Rental Market

Rental Market

Arizona rental homes are not as abundant as one might think. Single family rental homes with about 1600 sq. ft or less of living space range from $900 to $2000 per month depending on the neighborhood, age and amenities. You can expect to pay $1200 to $2500 for around 2000 sq. ft. If you want less than a years lease expect to pay an extra $50-$150 per month, but be aware that less than 25% of landlords are willing to accommodate you.

Arizona Rental Market Range

If you are relocating into the area, a rental property is by far the least expensive alternative to storage with a moving company. Arizona apartments range from $600 for a one bedroom or studio to over $1000 for a 3 bedroom apt. Condos and town homes are usually larger and cost $100 to $150 more than apartments. Furnished condos and town homes start at $1200 per month and furnished single family rental homes can exceed $3500 in gated, lake or golf communities. Resort or view properties in higher end communities such as Paradise Valley, Scottsdale, Fountain Hills and some of our newer communities cost about $5000 per month. There are fewer rental homes available in these more luxurious areas.

Arizona Rental Market In Season

In the months of October through April expect to pay almost twice the normal amount. We call it ” in season”, so reserve your Arizona furnished home in advance as they start taking reservations in August. Make sure you ask if the costs include electricity; most rentals include basic cable and local phone service. Summer months are very busy due to the booming convention business. Even in season, rental prices are still relatively low in comparison to hotels. Some of the well-known hotel chains charge $250+ per night in season and are considered reasonable. I can help with houses and condos, but if you are looking for an apartment, the best service in town is a no-fee apartment locating service.

Arizona Rental Market Recommendations

Contact us for a rental recommendation based upon the areas that you are interested in. Arizona offers plentiful furnished and unfurnished apartment or condo choices, most which include a community pool. There are also many unfurnished Arizona homes to choose from, but less than 10% have a pool in the back yard and less than 8% offer a community pool.