Location: Santa Cruz County, AZ | Metro: Tucson, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
U.S. Census Bureau data (2024)
The ZIP code 85614, located in Green Valley, Arizona, presents a dynamic rental market influenced by both supply and demand factors. The Fair Market Rent (FMR) for the area stands at $1460 for the fiscal year 2024, while the Zillow Observed Rental Index (ZORI) indicates a market rent of $1,721. This suggests that the actual rental prices are higher than the government's benchmark, implying a market where demand might be slightly outpacing supply.
The 0.3% price-cut share reveals that landlords are rarely lowering their rents to attract tenants, which further supports the idea that the market is currently favorable towards landlords. With a days-on-market (DOM) of 44, it is evident that rental properties are being filled relatively quickly, indicating a healthy demand for rentals in the area.
The median home value of $295,208 provides insight into the overall cost of homeownership in Green Valley. However, the 16.7% renter share highlights a significant portion of the population preferring to rent rather than buy. This trend can exert long-term pressure on the rental market, as a substantial number of residents will continue to seek rental properties over purchasing homes.
In summary, the rental market in ZIP 85614 is characterized by a strong demand for rental properties, evidenced by quick turnover rates and rental prices exceeding the FMR. The low price-cut share and high median home value suggest that homeownership is becoming less accessible for some residents, driving them towards renting. This dynamic creates a stable rental environment, with the potential for sustained demand due to the high renter share.
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.