Best Places to Buy Rental Property in Arizona (2026)
We ranked all 12 Arizona counties that have both a median home price and a median rent, ordered by the cap rate a median-priced rental would produce. Graham County leads at 4.2%, with a median price of $309,444.
Arizona counties ranked by cap rate
| # | Market | Cap rate | Median price | Median rent | Cash flow | Analyze |
|---|---|---|---|---|---|---|
| 1 | Graham County, AZ | 4.2% | $309,444 | $1,651 | -$549 | Run numbers |
| 2 | Yuma County, AZ | 4.1% | $281,509 | $1,469 | -$521 | Run numbers |
| 3 | Pinal County, AZ | 3.9% | $363,684 | $1,839 | -$711 | Run numbers |
| 4 | Santa Cruz County, AZ | 3.8% | $282,899 | $1,377 | -$588 | Run numbers |
| 5 | Cochise County, AZ | 3.7% | $264,829 | $1,253 | -$574 | Run numbers |
| 6 | Gila County, AZ | 3.5% | $392,305 | $1,745 | -$923 | Run numbers |
| 7 | Mohave County, AZ | 3.4% | $355,662 | $1,553 | -$855 | Run numbers |
| 8 | Pima County, AZ | 3.4% | $343,106 | $1,483 | -$834 | Run numbers |
| 9 | Navajo County, AZ | 3.4% | $401,700 | $1,723 | -$986 | Run numbers |
| 10 | Maricopa County, AZ | 2.9% | $461,315 | $1,729 | -$1,294 | Run numbers |
| 11 | Yavapai County, AZ | 2.9% | $506,609 | $1,891 | -$1,427 | Run numbers |
| 12 | Coconino County, AZ | 2.6% | $633,105 | $2,123 | -$1,939 | Run numbers |
Looking for every county in the state, including those without rent data? Browse the full Arizona market directory.
How this ranking is calculated
We scored 12 counties in Arizona and ranked them by capitalization rate, calculated as annual net operating income divided by median home price. Counties without both a median home price and a median rent are excluded, because cash flow cannot be estimated without both.
Every figure assumes a median-priced home rented at the local median rent, financed with 20 percent down on a 30-year loan at 6.85%, with closing costs at 3 percent of price and operating costs at 35 percent of rent. Operating costs cover taxes, insurance, maintenance, vacancy, and management.
These are modeled estimates for comparing markets, not quotes on a specific property. A real deal turns on the individual property, its condition, and the actual rent it can command. Run any market that interests you through the calculator with real numbers before you make an offer.
National rankings
Compare Arizona against the rest of the country.
Best Cash Flow Markets for Rental Property
US counties ranked by estimated monthly cash flow on a median-priced rental, after mortgage and operating costs.
Highest Cap Rate Markets for Rental Property
US counties ranked by estimated cap rate on a median-priced rental, using local median rent and a 35 percent operating cost assumption.
Best Cash-on-Cash Return Markets for Rental Property
US counties ranked by estimated first-year cash-on-cash return on a median-priced rental with 20 percent down.
Best Rental Markets Under $200,000
US counties with a median home price under $200,000, ranked by estimated cap rate on a median-priced rental.
Cheapest Markets With Positive Cash Flow
The lowest-priced US counties where a median-priced rental still covers its mortgage and operating costs.
Best Appreciation Markets for Real Estate Investors
US counties ranked by appreciation score, blending recent home price growth with the risk of an overheated market.
Best Overall Real Estate Markets to Invest In
US counties ranked by overall investment score, blending cash flow, appreciation, stability, and affordability.
Other states
States with fewer than 5 counties reporting both price and rent are omitted, because a ranking that short would not be meaningful.
Run the numbers on a Arizona property
Start from Graham County median values and replace them with a real listing price and rent to see whether the deal actually works.