07 February 2019

Housing Affordability Here In Mesa: A Crisis or A Strong Market?

Apartment Rents Hold Strong to Close Out 2018
Alexandra Ciuntu·
Last year was one of the most dynamic years in real estate, especially on the rental market front. As we prepare our 2019 forecasts, let’s look at some of last year’s rental highlights discussed in our report written at the end of last year. Taking into consideration 130 markets across the United States, the report was based on data regarding buildings containing 50 or more units across the country’s 252 largest cities.
The study is based on Yardi Matrix data, covering every multifamily asset within a market coverage areas that includes around 90,000 properties.
> Small Cities, Biggest Changes
Smaller markets are usually where the biggest rent changes take place. According to its methodology, the study includes cities with populations over 100,000 and a rental stock of at least 2,900 apartments. Last year, rent prices increased across the U.S., but small cities with a population of less than 300,000 saw the most significant y-o-y changes.> Mid-Size City Rent Increase Falls Somewhere in the Middle
In mid-sized markets like Tulsa, OK and Lexington, KY, rents remained relatively unchanged throughout the year, while in cities like Corpus Christi, TX, and Wichita, KS, rents increased by 1.4%. However, California dominates the list of fastest growing rents in mid-sized cities, defined here as cities with a population between 300,000 and 600,000.
NIMBY or Not?
However, the biggest surprise comes from Mesa, AZ, where the monthly rents at the year-end show an 8.3% growth rate.
This percentage is what places the Phoenix suburb in the top 10 nationwide.
> Several Large Cities Meet Affordability Demand
Rent prices in cities with a population of 600,000 or more have been significantly influenced by the need for more affordable accommodation. Such is the case of Las Vegas, Phoenix or Los Angeles, where increasing demand showed its persistent effects at the end of 2018. __________________________________________________________________________
About the author Alexandra Ciuntu
With a background in microtraining and e-learning content writing, Alexandra is a creative writer for RENTCafé, who enjoys writing about rental lifestyle and residential real estate market trends.
LINK to original content [4-minute read] > https://www.propmodo.com/
 
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