27 Oct Northern Arizona Rental Market Update: October 2024
Finding the right rental price for your Northern Arizona home is essential for maximizing income, especially with local market conditions shifting across cities. This month, the data from Flagstaff, Prescott, Sedona, and Lake Havasu City offers valuable insights that can guide your rental pricing strategy. Here’s a city-by-city breakdown to help you understand the current trends and make informed decisions.
Flagstaff – Single-Family Homes
Flagstaff’s rental market remains competitive, with the median rent for single-family homes at $2,700. This reflects a modest $150 decrease from last month and a $100 decline from the same time last year. Rentals in Flagstaff typically stay available for about 63 days, with 100 properties currently on the market. Although there’s been a recent drop in rental rates, Flagstaff’s unique mix of scenic beauty and proximity to Northern Arizona University keeps it popular among students and professionals alike.
Prescott – Single-Family Homes
Prescott shows a slight dip in rental prices this month, with the median rent for single-family homes standing at $2,450—a $150 decrease from September and $50 lower than October of last year. Homes here average 87 days on the market, with 104 rentals currently available. Prescott’s serene atmosphere and appeal as a retirement destination contribute to its steady rental demand despite the current price adjustments.
Sedona – Single-Family Homes
Sedona’s rental market has seen a notable uptick, with the median rent for single-family homes now at $3,900. This marks an increase of $155 from last month and a significant $500 rise year-over-year. Homes in Sedona are typically listed for an average of 96 days, and there are 72 rentals currently available. Sedona’s robust tourism industry, coupled with its iconic red rock views, keeps rental demand high, particularly during peak tourist seasons.
Lake Havasu City – Single-Family Homes
Lake Havasu City remains one of the more affordable rental markets in Northern Arizona. The median rent is stable at $2,300, showing no change month-over-month or year-over-year. Rentals in Lake Havasu City have the longest average days on the market at 114 days, with 243 properties currently available. Known for its seasonal population and outdoor recreation, the city’s rental market is highly influenced by its popularity among visitors seeking water sports and lakeside activities.
Discover Your Property’s Rental Potential
For personalized rental advice, fill out our form by clicking the link below with your property details and address. Unlimited Real Estate’s knowledgeable team will analyze your home based on comparable properties and current market trends, providing an estimate that reflects your property’s rental potential in Northern Arizona.
Data sourced from Zillow Rental Market Trends as of October 25, 2024.