Location: Flagstaff, AZ | Metro: Flagstaff, AZ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,440 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The ZIP code 86040 presents a dynamic rental market, influenced significantly by the interplay between supply and demand. With a Fair Market Rent (FMR) of $1660 for the fiscal year 2024, it's clear that the government benchmark for affordability is set relatively high. However, the actual market rent, according to the Census ACS, stands at $702. This discrepancy suggests that while the cost of renting is lower than the FMR, the market may still be experiencing some level of housing pressure.
The low price-cut share of 0.1% indicates that landlords in 86040 are generally not reducing their rents to attract tenants, implying a strong market where demand is steady or slightly exceeding supply. The median home value of $376,503 further supports this notion, showing that homeownership is a significant factor in the local economy, but also highlighting that the cost of owning a home may push some residents towards renting.
A 26.7% renter share points to a notable portion of the population choosing or needing to rent rather than buy. This can signal ongoing long-term housing pressure, as a higher percentage of renters often correlates with less availability of affordable housing options. In markets where the renter share is this high, there is typically an underlying trend of either rising home prices or stagnant wages, both of which contribute to sustained rental demand.
In summary, the rental market in ZIP 86040 is characterized by a balance where demand is likely keeping pace with or slightly outpacing supply. Landlords maintain their rents without frequent reductions, indicating a stable or growing tenant base. The high renter share and median home value suggest a mixed housing environment, with a significant number of residents opting for rental properties over homeownership, driven by economic factors and possibly limited housing stock.
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.