22 Sep September 2024 Northern Arizona Rental Market Update
Determining the right rent to charge for your home in Northern Arizona is crucial for maximizing your rental income, but it can be challenging. 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 September 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 has seen some fluctuations. The median rent for single-family homes is currently $2,700, reflecting a $300 decrease from the previous month and a similar drop year-over-year. Properties in Flagstaff now stay on the market for an average of 54 days, with 106 rentals currently available. Despite the recent dip in rental prices, Flagstaff remains a sought-after location due to its beautiful natural surroundings and the presence of Northern Arizona University, making it attractive to students and professionals alike.
Prescott – Single Family Homes
Prescott’s rental market shows a positive trend, with the median rent for single-family homes at $2,575. This marks an $80 increase from the previous month and a $100 rise year-over-year. Homes in Prescott typically stay on the market for about 88 days, with 85 rentals currently available. Prescott’s appeal lies in its tranquil environment and vibrant retirement community, contributing to the steady demand for rental properties in the area.
Sedona – Single Family Homes
Sedona continues to attract renters with its breathtaking red rock landscapes and strong tourist appeal. The median rent for single-family homes is $3,650, which is a $200 decrease from the previous month but a $150 increase year-over-year. Properties in Sedona spend an average of 83 days on the market, with 81 rentals currently available. The fluctuations in rental prices here often mirror the seasonal demand driven by Sedona’s thriving tourism industry.
Lake Havasu City – Single Family Homes
Lake Havasu City remains one of the more affordable rental markets in Northern Arizona. The median rent for single-family homes is $2,200, showing a modest $13 increase from the previous month but a $200 decrease year-over-year. Homes in Lake Havasu City have the longest average days on the market at 120 days, with 214 rentals currently available. The rental market here is significantly influenced by the city’s seasonal population and recreational attractions, which include boating and water sports on Lake Havasu.
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 September 20, 2024