An Overview of the Arizona Rental Market

Posted by Hannah Lapin on Aug 11, 2020 9:00:00 AM

desert landscape with cacti and bushes

Visio Lending is proud to expand our services and product offerings into the state of Arizona! We now lend in 38 states and Washington D.C. Visio’s leading rental loan enables landlords to quickly grow their rental portfolios with 30-year terms, no income verification or tax returns, and PPP and rate buy-downs. Here is an overview of the Arizona rental marketing, including rental data, the housing market, and landlord laws.

Arizona Rental Data

  • The 2020 median rent in Arizona is $1,009. (Source: World Population Review)
  • The average monthly long-term rental income is $1,577, and the average monthly short-term rental income is $2,452. (Source: Mashvisor)
  • There are 100,000 students in Phoenix looking for long-term housing. (Source: Norada Real Estate Investments.

Arizona Housing Market

  • The media list price per square foot in Arizona is $166, and the median price of homes in Arizona is $299,900. (Source: Zillow)
  • Arizona houses are on the market for an average of 114 days. (Source: Mashvisor)
  • In Phoenix, the average sales price is $305k, and the average price per square foot is $186, both up over 10% from last year. (Source: Redfin)

Arizona Landlord-Tenant Laws from Landlordology

  • Arizona has a maximum security deposit of one and one-half month’s rent.
  • Arizona does not have any laws around rent increase notices.
  • Arizona landlords must return security deposits within 14 business days.

All loans are originated by Visio Financial Services Inc. Visio Financial Services Inc. is licensed  by the Arizona Department of Financial Institutions as a Arizona Mortgage Banker, license number 1010600. Visio Financial Services Inc. company NMLS ID number is 1935590. 

Interested in financing a rental property in Arizona? Contact us. To see where else we lend, visit our "Where We Lend" Page. 

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Related: A Look at Where to Invest in 2020, State Rankings in Terms of Best Legislation for Landlords

Topics: Real Estate Investing