Cavan Companies has spent the past decade developing purpose-built rental communities designed for families who want the space and privacy of a single-family home without the long-term commitment of ownership. As affordability continues to decline across the country, our Bungalows® model is proving to be a timely and effective solution.

According to the Wall Street Journal, the national median home price hit a record $435,300 in June, with mortgage rates holding above 6.5 percent. Lawrence Yun, Chief Economist at the National Association of Realtors, noted, “The fact that we hit record high home prices is reflecting multiple years of undersupply.”

This supply-and-demand imbalance is pushing more families to seek high-quality rental options. We’re seeing that demand firsthand across our Arizona portfolio.

Leasing Snapshot as of June 2025:

• Camelback – Phoenix (334 units): 311 units leased (93 percent leased)
• Asante – Surprise (293 units): 219 units leased (75 percent leased)
• Bowlin – Maricopa (196 units): 156 units leased (80 percent leased)
• Cotton Lane – Litchfield Park (336 units): 163 units leased (nearly 50 percent leased)
• Combs – Queen Creek (317 units): 114 units leased (36 percent leased)
• Cottonwood – Casa Grande (174 units): 49 percent leased, 44 percent occupied
• Sarival – Surprise (338 units): 36 percent leased, 30 percent occupied

These numbers reflect a consistent trend. Families are looking for alternatives to homeownership, and our communities are meeting them with the right combination of space, convenience, and lifestyle.

In response to this growing demand, Cavan Companies is now expanding its footprint. We have active projects in Nebraska and pre-development underway in Kansas and New Mexico to serve other high-growth regions.

For more on the national housing trend, read the full article here:
June Home Sales Down as Prices Hit Record High – Wall Street Journal