In the past few months, the number of rentals available in Tucson has substantially increased. For instance, as of this month, there are 1,112 active rentals on the market. To date, this month, only 174 have been rented.
The most heavily saturated rental area in Tucson is the northwest side of town with 288 active rentals, followed closely by central Tucson with 245 and the North side of town at 223. Compared to the East Tucson at 67 available rentals and Northeast Tucson at 43.
The chart below reflects the current availability of homes based on type and the average rent for each. For example, a SFR home – the average rent on the east side of town is $1231 per month, whereas on the northwest side of town it is as high as $1,957.
Summary of the numbers? If you have a rental home in an area that is saturated with rentals, and your price is high – it’s probably still up for rent. Tenants are looking for a nice home, but they are also shopping around because there is a lot to choose from. Bottom line, look at the market as it is, if it means lowering your price to be competitive and get your home rented to a qualified person – then lower your price!
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2011. If you want to reprint parts of this - just email me for my permission:TucsonsRealEstate@gmail.com.