Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
U.S. Census Bureau data (2024)
The rental market in ZIP 85141 is characterized by a significant gap between the Fair Market Rent (FMR) set at $1,570 for fiscal year 2024 and the actual market rent reported at $1,188 according to the latest Census American Community Survey (ACS). This discrepancy suggests that the market is currently experiencing a situation where supply may be outpacing demand, leading to downward pressure on rents.
The 15.9% renter share indicates that a relatively small portion of the population in this area is renting compared to owning homes. While this figure alone does not provide a complete picture of the housing dynamics, it can be inferred that there might be less immediate long-term housing pressure from renters seeking permanent residences. However, this low renter share also means that fluctuations in the number of renters could have a substantial impact on the overall rental market conditions.
The lack of specific data on price-cut share and days on market (DOM) makes it challenging to assess the precise rate of change in the rental market. Nonetheless, the lower-than-FMR market rent implies that landlords and small-portfolio investors should consider adjusting their rental pricing strategies to remain competitive. Additionally, the absence of median home value data points to a potential focus on the rental sector over homeownership in this ZIP code.
In summary, ZIP 85141 presents a rental market where the supply appears to be greater than the demand, evidenced by the disparity between the FMR and the actual market rent. The low percentage of renters relative to homeowners suggests a stable but potentially sensitive rental environment, where changes in the local economy or population demographics could shift the balance of supply and demand.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.