Best places to buy rental properties in Arizona

January 5, 2022
● Written by
Teddy

Arizona

Investing in Arizona

Arizona is home to several landmarks including the Hoover Dam and the Grand Canyon. Many growing corporations are headquartered in Arizona resulting in a thriving job market. Paired with low property costs, Arizona can be a great place for you to start or continue your real estate investment journey.

The Nophin team crunched the numbers and found the five best places to invest in Arizona rental properties.

Statewide vacancy rates

AZ Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Phoenix, AZ

Phoenix is the largest city in Arizona and is known for its sunny weather and desert landscape. The city is home to a number of major corporations, including Carvana, U-Haul, and Petsmart.

  • Population: 1,608,139
  • Median household income: $60,914
  • Median 1-bedroom monthly rent: $1,325
  • Median listing home price: $487,000

Tucson, AZ

Tucson is the second-largest city in Arizona and is home to the University of Arizona.

  • Population: 542,629
  • Median household income: $45,227
  • Median 1-bedroom monthly rent: $967
  • Median listing home price: $360,000

Mesa, AZ

Mesa is located in the Sonoran Desert on the eastern side of the Phoenix Metropolitan Area. With over 2,280 acres of parkland within the city, there are ample outdoor activities.

  • Population: 504,258
  • Median household income: $61,640
  • Median 1-bedroom monthly rent: $1,323
  • Median listing home price: $490,000

Chandler, AZ

Chandler is a suburban city south of Mesa, AZ. Chandler recently reached #1 on Wallet Hub's national survey of the best place to find a job.

  • Population: 275,987
  • Median household income: $85,796
  • Median 1-bedroom monthly rent: $1,514
  • Median listing home price: $590,000

Scottsdale, AZ

Scottsdale is best known for its world-famous golf courses, art culture, and museums.

  • Population: 241,361
  • Median household income: $91,042
  • Median 1-bedroom monthly rent: $1,839
  • Median listing home price: $925,000

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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