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Mesa is booming! New residents are moving in, construction projects are underway, and businesses are expanding. With growing job opportunities and a thriving economy, it’s no surprise that more people are choosing to call this city home. However, this rapid population growth is making it harder for renters to find affordable rentals in Mesa.
The rental market is shifting fast with rising rent prices, a housing shortage, and tougher competition. Understanding these market trends can help you make the best choice.
So, how is population growth affecting renters in Mesa? Let’s take a closer look.
More People, Higher Rent
When more people move to a city, the rental demand goes up. That’s exactly what’s happening in Mesa. The more renters there are, the more landlords can charge, which is why rent prices keep climbing.
Mesa is part of the Phoenix rental market, one of the fastest-growing areas in Arizona. The entire Phoenix metro area has seen steady rent growth, and Mesa is no exception. With rent prices increasing faster than the national average, finding an affordable place is becoming more difficult.
Not Enough Places to Rent
One major challenge is the limited supply of rental properties. Even with ongoing construction projects, the demand for housing is outpacing supply. This housing shortage means there are fewer available units, making it harder for renters to find a home within their budget.
Because of this, landlords are getting stricter with tenant screening. Many now require a higher income level, good credit, and strong references. This makes it harder for some renters to get approved, even if they can afford the rent.
Rising Property Values and Investment Growth
As demand grows, property values in Mesa are increasing. This has caught the attention of investors, who see the Phoenix market as a great place for investing in rental properties. While this is good for landlords, it means higher rental prices for tenants.
However, there are still options. Some neighborhoods in the Phoenix metro area have newer apartment properties with better amenities at competitive rates. If you’re open to different locations, you may still find a well-maintained rental that fits your budget.
What Can Renters Do?
With the rental market changing so quickly, renters need to be proactive. Here are some tips to help you navigate this dynamic market:
- Keeping an eye on market trends and doing thorough market research can help you find the best rental properties before rent prices climb even higher.
- With fewer available units, good rentals go fast. Acting quickly and being prepared to submit an application as soon as you find a suitable home can make all the difference.
- Exploring different neighborhoods in Mesa and the Phoenix metro area may help you find better rental prices, newer apartment properties, or homes with upgraded amenities that fit your needs.
- Landlords are now being extra careful with tenant screening, so having proof of income, good references, and a strong rental history will increase your chances of securing a well-maintained home in this dynamic market.
Renting in Mesa: Challenges, Changes, and How to Stay Ahead
Mesa’s population growth is reshaping the Phoenix rental market, making it more competitive for renters. For those managing a rental property, keeping up with these market trends is just as important. Efficient rent collection, thorough tenant screening, and proactive property management are key to maximizing returns in this dynamic market.
With Mesa’s growing rental market, finding the right home—or managing one—can be challenging. LHM Realty makes renting and property management easier. Our team is always ready to help you look for a well-maintained rental or if you need professional property managers to handle your investment.
Contact us today to explore available rentals or to learn more about our management services in the ever-changing Phoenix rental market.
