An Arizona lease agreement is a contract between a tenant and landlord that establishes terms for renting a residential or commercial property. Currently, there is no state or county tax imposed on residential rentals.Check out the video below where we explain the details of the lease option, or rent-to-own, program. Let's go over how to fill out the Arizona Association of Realtors residential lease agreement! Since there is no down payment requirement, the assistance money from the Home Plus program is instead used to cover closing costs. Discover creative strategies for buying a rental property with little or no money down. What does your credit score have to be to rent a house in Arizona? Therefore, Arizona cities are not be able to impose a tax on residential rentals from and after December 31, 2024. In Arizona, the renting process typically begins with the tenant finding a suitable property and completing an application. Coming up with a down payment for a rental property can be tough, especially if you're a new investor without much cash.