Tucson Rent Report: October 2025

TUCSON, AZ (October 1, 2025) — The Apartment List October 2025 Tucson Rent Report is out. Currently, the overall median rent in the city stands at $1,048, after falling 0.9% last month. Prices are now down 4.3% year-over-year. Read on to learn more about what’s been happening in the Tucson rental market and how it compares to trends throughout the nation as a whole.

Tucson rents are down 0.9% month-over-month and down 4.3% year-over-year

Tucson rent growth in 2025 pacing below last year.

Nine months into the year, rents in Tucson have fallen 1.9%. This is a slower rate of growth compared to what the city was experiencing at this point last year: from January to September 2024 rents had increased 0.1%.

September rent growth in Tucson ranked #87 among large U.S. cities.

Tucson rents went down 0.9% in the past month, compared to the national rate of -0.4%. Among the nation’s 100 largest cities, this ranks #87. Similar monthly rent growth took place in Las Vegas, NV (-0.9%) and Durham, NC (-1.0%).

Month-over-Month Rent Growth Among 100 Largest Cities In the U.S.

Tucson is the #94 most expensive large city in the U.S., with a median rent of $1,048

Citywide, the median rent currently stands at $874 for a 1-bedroom apartment and $1,122 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,048. That ranks #94 in the nation, among the country’s 100 largest cities.

For comparison, the median rent nationwide is $1,224 for a 1-bedroom unit, $1,379 for a 2-bedroom unit, and $1,394 overall. The median rent in Tucson is 24.8% lower than the national median and is similar to the prices found in Tulsa, OK ($1,059) and Fort Wayne, IN ($1,041).

Methodology

Apartment List is committed to the accuracy and transparency of our rent estimates. We begin with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, capturing apartment transactions over time to provide an accurate picture of rent growth in cities across the country. Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. For more details, please see the Apartment List Rent Estimate Methodology.

Richmond American Expands with $7.7 Million Acquisition in Saguaro Reserve at Dove Mountain

MARANA, AZ (September 30, 2025) — Richmond American Homes of Arizona has made another decisive move in the Northwest Tucson housing market at Saguaro Reserve at Dove Mountain, acquiring more than 100 residential lots in the Saguaro Reserve subdivisions at Dove Mountain.

On September 4, Richmond American closed on two related transactions totaling $7.73 million, securing 118 platted and engineered lots across Saguaro Reserve II and III.

The first purchase involved 34 lots in Saguaro Reserve III for $2.55 million, or roughly $75,000 per lot, from Pusch Ridge Christian Academy, Inc. The 50.27-acre site, located along West Saguaro Perch Way, was sold as a fully engineered and platted subdivision intended for single-family home construction.

The second deal was significantly larger: 84 lots spanning Saguaro Reserve II and III were acquired for $5.18 million, or about $61,666 per lot, from longtime Dove Mountain master developer Cottonwood Properties, Inc. This transaction was structured as part of a double escrow and rolling option, underscoring Cottonwood’s ongoing land disposition strategy and Richmond’s aggressive lot-take-down program at Dove Mountain.

Saguaro Reserve is one of Dove Mountain’s most sought-after enclaves, designed exclusively for single-story desert living. The community features contemporary ranch-style homes with options for RV garages, expansive lots, and proximity to trails, golf, and preserved open space. Richmond American has been actively building in the neighborhood, offering floorplans between 1,700 and 3,500 square feet, with 2–5 bedrooms.

Part of Dove Mountain’s larger 6,000-acre master plan, Saguaro Reserve benefits from its scenic mountain setting, top-ranked golf courses, and extensive preserved desert lands. Residents also enjoy convenient access to Marana’s retail centers, employment corridors, and I-10, making the area attractive to both year-round residents and seasonal buyers.

Richmond American’s expansion continues a trend of strong builder activity in Northwest Tucson. Earlier this year, the company acquired 90 lots in Saguaro Reserve III for more than $8.3 million, as part of a rolling option agreement for a total of 236 lots. The latest purchases bring Richmond closer to full build-out of its planned footprint in Dove Mountain, where demand for high-quality housing remains robust.

With competition among national and regional builders intensifying in the submarket, these deals highlight both Richmond American’s commitment to growth and Dove Mountain’s enduring appeal as one of Southern Arizona’s premier master-planned communities.

Source: RED Comps #12099 and #12101

Initial Development Purchases Olive 101 for $18.1 Million

Industrial Center in Peoria Features Freeway Visibility and Full Occupancy

Phoenix (September 30, 2025) – The Initial Development Company, an Arizona-based real estate firm, has purchased Olive 101 Industrial Center for $18.1 million. The property, located at 8700 N. 91st Ave. in Peoria, was constructed in 2024 and is fully leased.

“Initial Development is excited to add Olive 101 to our Metro Phoenix portfolio, complementing our Southport asset in the Sky Harbor submarket,” says David Baum of Initial Development. “These investments demonstrate our commitment to modern, high-quality facilities that fuel business growth and strengthen the community.”

“This buyer was attracted to the impeccable construction of the facility and its abundant power offerings,” says Brian Ackerman, executive vice president at Colliers. “The appealing in-fill location, irreplaceable freeway visibility and long-term leases of the fully occupied property created an ideal investment opportunity.”

Ackerman, Brian Gleason, and Melissa Marks of Colliers handled the sale transaction. Colosseum AZ, LLC sold the property to The Initial Development Company.

Olive 101 includes a single industrial building totaling 75,549 square feet of space and situated on 4.76 acres. The property is located in Peoria, just off the Loop 101 Freeway at the Olive Avenue exit.

Completed in 2024, the building offers 3,600 amps of 3-phase power and a ceiling clear height of 24 feet. The facility features two dock-high loading doors and five grade-level doors. The property is fully leased by two tenants, MajorPower and Flame Gymnastics.