23 Dec Northern Arizona Rental Market Update – December 2024 Edition
Setting the right rental price for your Northern Arizona property is crucial to maximizing your income and staying competitive in today’s market. This December, fresh data from Flagstaff, Prescott, Sedona, and Lake Havasu City highlights key trends to help you adjust your rental pricing strategy effectively. Let’s explore the latest updates and provide practical advice for property owners.
Flagstaff: Stunning Views and Steady Interest
Flagstaff’s rental market remains vibrant, especially appealing to students and professionals attracted to its outdoor lifestyle and proximity to Northern Arizona University. The median rent for single-family homes has increased to $2,800, up by $100 from last month and $150 compared to last year.
- Average Days on Market: 76
- Available Rentals: 80
While properties in Flagstaff are staying on the market a bit longer, the city’s mountain town charm continues to draw consistent interest. Consider flexible lease terms to attract seasonal renters or remote workers.
Pro Tip: Add energy-efficient features to your property. These upgrades can appeal to eco-conscious tenants and justify higher rent.
Prescott: Consistent Demand in a Peaceful Setting
Prescott remains popular among retirees and families seeking a tranquil and scenic lifestyle. The median rent for single-family homes is now $2,495, showing a slight increase of $27 month-over-month and a $5 decrease year-over-year.
- Average Days on Market: 105
- Available Rentals: 83
Although properties in Prescott are on the market longer, the steady demand ensures they remain desirable. Homes close to downtown or those with modern amenities tend to attract renters more quickly.
Pro Tip: Enhance your property’s curb appeal with professional landscaping. An inviting exterior can make your property stand out and attract more interest.
Sedona: High Demand and Premium Pricing
Sedona’s rental market continues to thrive, thanks to its stunning red rock landscapes and bustling tourism. The median rent for single-family homes is now $3,800, a decrease of $150 from last month but still up by $211 year-over-year.
- Average Days on Market: 145
- Available Rentals: 48
Despite longer listing times, Sedona’s desirable location allows for premium rents. Vacationers and remote workers are often willing to pay more for Sedona’s beauty and tranquility.
Pro Tip: Utilize virtual tours to showcase your property to remote renters. High-quality online presentations can attract a broader audience.
Lake Havasu City: Affordable Living with Recreational Appeal
Lake Havasu City remains the most affordable rental market for single-family homes in Northern Arizona. The median rent stands at $2,300, with a $100 increase from last month and stable year-over-year.
- Average Days on Market: 130
- Available Rentals: 213
Properties in Lake Havasu tend to stay on the market longer, but the city’s recreational opportunities attract tenants, particularly during the peak boating and water sports seasons.
Pro Tip: Install smart home features like smart thermostats and security systems to appeal to tech-savvy renters looking for modern conveniences.
Discover Your Property’s Rental Potential
Understanding the latest trends and local market nuances is essential for navigating the Northern Arizona rental market. At Unlimited Real Estate, we’re here to assist you. Provide us with your property details, and our experienced team will offer a customized rental analysis based on current market data and comparable listings.
Give yourself the gift of a free personalized rental analysis from Unlimited Real Estate this holiday season—click here and let us help you maximize your investment!
Data sourced from Zillow Rental Market Trends as of December 23, 2024.