Arizona Housing Gap Has Deeper Roots

Slide 1
Everyone blames short-term rentals for Arizona's housing crisis… but the real story? Way deeper, way messier.
Slide 2
Since 2010, Arizona added 57K short-term listings but lost 55K vacation homes—basically a swap, not a takeover.
Slide 3
The real culprit: home building crashed after 2008, and permits fell nearly 50% the decade after.
Slide 4
Population grew 13% in the 2010s, housing 11%, then pandemic demand and low rates spiked prices 64% by 2022.
Slide 5
Now in 2026, Arizona is still paying for a decade of underbuilding—proof that today's housing pain was written long before anyone noticed.