25 Aug August 2024 Northern Arizona Rental Market Update
Determining the right rent to charge for your home in Northern Arizona is essential for maximizing your rental income, but it can be a challenge. The rental market in this region varies significantly across different cities, so understanding the current trends is key to making an informed decision. By examining the rental data from this month (August 2024) for Flagstaff, Prescott, Sedona, and Lake Havasu City, you can gain valuable insights into what to expect. Let’s explore the specifics for each city.
Flagstaff – Single Family Homes
Flagstaff‘s rental market remains dynamic, with the median rent for single-family homes currently at $3,000. This marks a $150 increase from the previous month and a $200 rise year-over-year. Properties in Flagstaff tend to stay on the market for about 42 days, and there are currently 125 available rentals. The city’s attractive natural surroundings and proximity to universities continue to make it a highly desirable rental location, which is reflected in the relatively high rental prices.
Prescott – Single Family Homes
In Prescott, the median rent for single-family homes is $2,495. The market here has seen a slight decline, with a $5 decrease month-over-month and year-over-year. Homes in Prescott typically stay on the market for an average of 86 days, with 78 rentals currently available. Prescott’s stable rental market appeals to retirees and those seeking a quieter lifestyle, contributing to the market’s steadiness.
Sedona – Single Family Homes
Sedona is renowned for its stunning red rock landscapes and tourist appeal, which is reflected in its higher rental prices. The median rent for single-family homes has risen to $3,850, a $250 increase from both the previous month and last year. Properties in Sedona spend an average of 77 days on the market, with 68 rentals currently available. The fluctuations in rental prices here often mirror the seasonal demand driven by Sedona’s tourist economy.
Lake Havasu City – Single Family Homes
Lake Havasu City remains a more affordable rental market, with a median rent of $2,187 for single-family homes. This represents a $187 increase month-over-month, although there has been a slight $13 decrease year-over-year. Homes in Lake Havasu City have the longest average days on the market at 117 days, with 196 rentals currently available. The rental market in this city is heavily influenced by its seasonal population and recreational attractions.
For a more tailored rental analysis of your home, use our form [click here] to fill out your information and address. The experienced team at Unlimited Real Estate will review your property and provide a detailed estimate of your potential rental income based on comparable homes in the area, current market trends, and other key factors.
Data courtesy of Zillow Rental Market Trends as of August 23, 2024
Image by Marc Jasin from Pixabay