14 Jul How Much Rent Can I Charge for my Home in Northern Arizona?
Determining how much rent to charge for your home in Northern Arizona can be challenging, but it’s crucial for maximizing your rental income. The rental market varies significantly across different cities in the region. By analyzing the rental trends in Flagstaff, Prescott, Sedona, and Lake Havasu City, you can get a clearer picture of what to expect. Let’s delve into the specifics for each city to help you make an informed decision.
Flagstaff – Single Family Homes
Flagstaff‘s rental market is quite dynamic, with a median rent of $3,000 for single-family homes. This is a slight decrease of $80 from the previous month but still reflects a $100 increase year-over-year. On average, properties in Flagstaff stay on the market for about 52 days, and there are currently 88 available rentals. The city’s proximity to natural attractions and universities makes it a desirable location, which is reflected in the relatively high rental prices.
Prescott – Single Family Homes
In Prescott, the median rent for single-family homes is $2,500. The market here has remained relatively stable, with a modest increase of $5 month-over-month and no change year-over-year. Homes in Prescott tend to stay on the market longer, with an average of 94 days. There are 66 available rentals currently. Prescott’s steady rental market is indicative of its appeal to retirees and those seeking a quieter lifestyle.
Sedona – Single Family Homes
Sedona is known for its stunning landscapes and tourist appeal, which is reflected in the higher rental prices. The median rent for single-family homes here is $3,499. This is up by $199 from last month but down by $301 compared to last year. Properties in Sedona spend around 84 days on the market, and there are 74 available rentals. The fluctuations in rental prices highlight the seasonal demand associated with Sedona’s tourist-driven economy.
Lake Havasu City – Single Family Homes
Lake Havasu City offers a more affordable rental market, with a median rent of $2,000 for single-family homes. However, there has been a significant decrease, with rents dropping $250 month-over-month and $200 year-over-year. Homes here have the longest average days on the market at 100 days, with 198 rentals currently available. This city’s rental market is influenced by its seasonal population and recreational appeal.
For a more precise 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 reach out to you after analyzing your property and determining the possible rental income you could be receiving based on various factors including comparable homes in the area, market trends, and more.
Data courtesy of Zillow Rental Market Trends as of July 12, 2024