Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,760 |
| 1 Bedroom | $1,910 |
| 2 Bedrooms | $2,220 |
| 3 Bedrooms | $2,960 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
U.S. Census Bureau data (2024)
The ZIP code 85260 in Scottsdale, AZ, presents a dynamic rental market. With a Fair Market Rent (FMR) of $2530 for fiscal year 2024 and a Zillow Observed Rent Index (ZORI) of $2,056, there's a notable gap between government-set fair rents and actual market rates. This suggests that while the government aims to provide a benchmark for affordability, the private sector is setting lower rents, possibly indicating a competitive market.
The 0.3% price-cut share indicates that only a minimal portion of listings have been reduced in price, which could imply that the majority of properties are priced correctly or that the market is stable. A 30-day Days on Market (DOM) average signals that units are renting quickly, reflecting strong demand among renters. However, this doesn't necessarily mean that demand outstrips supply; it could also indicate that landlords are adjusting their listing times effectively to match tenant preferences.
A median home value of $724,453 places Scottsdale firmly in the high-value bracket for residential properties, suggesting an affluent area where homeownership is both desirable and feasible for many. The 40.1% renter share highlights a significant proportion of residents who prefer or require rental accommodation over ownership. This high renter share points towards sustained long-term housing pressure, as a large number of people will continue to seek rental properties, potentially leading to increased competition among landlords and higher turnover rates.
In summary, ZIP 85260 exhibits a market where demand is robust, evidenced by quick rental times and a substantial renter population. The relatively low price-cut share and the disparity between FMR and market rent suggest a finely balanced market, neither clearly oversupplied nor undersupplied, but one where landlords must be strategic in pricing and marketing to attract tenants.
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.