One question I get asked a lot is if the Phoenix market has become over saturated with STR's.

I'm considering a couple of different options, would love to hear thoughts if anyone else has been in a similar situation in their market.Option 1: stay in my current house and buy a sfh outside of this ~10 mile radius where new construction isn't as heavily saturated but still growing in population.Option 2: turn my current house into a STR to try to take advantage of the golf course tournament travelers, etc.

It has gotten too much attention lately and everyone who can no longer STR is trying to mid term it when demand isn't there, leading to major saturation in the market and high competitive intensity.

I think there is some saturation but it depends on the market. 

Then a consolidated is applied til the area is saturated.

Our plan is to buy-and-hold and utilize the property as an MTR/LTR due to the licensing restrictions (and saturation) for STRs in LV.

So depending on hotel lodging availability and competition it could do very well or be highly saturated. 

Is the area becoming saturated with other rentals? 

The large student housing complexes are the most saturated, but that's a different product than most people here on BP are looking for.

Heck no, I would run away from those especially in 2023 (and forward), this asset class IMO is too saturated with institutional-level ownership.