Location: Phoenix-Mesa-Chandler, AZ | Metro: Phoenix-Mesa-Chandler, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,500 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
The market in ZIP 85261, located in Arizona, is currently defined by its Fair Market Rent (FMR) of $1880 for the fiscal year 2024. This figure represents the benchmark set by HUD for determining the affordability of rental units in the area. However, the lack of specific data on market rent, price-cut share, days on market (DOM), and median home value indicates a limited visibility into the current dynamics of the housing market in this region.
The absence of a market rent figure suggests that either there isn't enough data available to accurately gauge what rents are typically being charged, or that the market rent closely aligns with the FMR. In either case, it points towards a potentially stable rental market, but without additional context, it's challenging to determine if there's upward or downward pressure on rents.
The missing percentage for price-cut share and days on market (DOM) makes it difficult to assess whether properties are quickly sold at their original asking prices or if they require significant price reductions to attract buyers. Typically, a higher price-cut share and longer DOM would indicate a buyer's market where supply outpaces demand. Conversely, lower figures would suggest a seller's market with strong demand.
The unknown median home value also obscures the overall economic health of the housing market in ZIP 85261. A high median home value could imply a wealthier demographic and potentially higher rental prices, whereas a lower median might suggest a more affordable area with different rental price expectations.
The N/A% renter share highlights another aspect of the market: the proportion of residents who are renters versus homeowners. This metric is crucial for understanding long-term housing pressures. A higher renter share often correlates with increased rental demand and potential challenges for homeownership due to economic factors such as job instability or lack of access to credit. It can also signal a transient population, which might be less likely to invest in property improvements or long-term maintenance.
In summary, while the Fair Market Rent provides a starting point for assessing the rental market in ZIP 85261, the lack of other key metrics means that the broader picture of supply and demand, as well as the balance between homeowners and renters, remains unclear. Landlords and small-portfolio investors should proceed with caution, relying on local real estate agents and additional research to better understand the specific conditions and trends affecting this market.
Data Sources: FMR data from HUD (2027).
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.