Did You Know Rents Are Sky-Rocketing Here In Mesa?

Hey!
This is a story sideline from an article about Chicago ...
How did Mesa get a mention and why?
In Chiucago rent increases are getting blamed on increases in primary property taxes.
Mesa has no primary property tax - so what's the story here?
That particular story has been covered here on this blog in many posts - use the search box on this page to see them all.

Huge apartment rent increases forecast for Chicago but have not yet hit

 

Like death and taxes, there is one other inevitability in life – apartment rent increases.

By Don DeBat

1-Sep-19 – With the battering ram of real estate tax increases hammering away at Chicago apartment owners this year, experts are wondering how much longer “Ma and Pa” landlords can compete with downtown luxury rental developments and stay in business.
Skyrocketing tax assessments on homes, condominiums, and small apartment buildings in 2018 led to dramatic increases in real estate tax bills payable in 2019 for hundreds of thousands of property owners on Chicago’s North Side and Northwest Side.
Outgoing Cook County Assessor Joseph Berrios raised the estimated fair market value of some properties from 30 percent to more than 140 percent in North and Northwest Side neighborhoods. This comes as a parting shot from Berrios after he lost his re-election campaign to challenger Fritz Kaegi, the newly elected assessor.
In 2018, the entire city of Chicago was reassessed. The sharply higher assessed valuations sparked mind-bending real estate tax hikes when bills arrived this month
Currently, median rents in Chicago stand at $1,095 a month for a one-bedroom unit and $1,288 for a two-bedroom layout. Experts say renters should brace themselves for hefty rent hikes on new leases offered by landlords in spring of 2020.
Meanwhile, rents are skyrocketing more than 4.5 percent in Henderson, Nevada, and Mesa, Arizona, and more than three percent in Austin, Texas; Phoenix, Arizona; and Raleigh, North CarolinaSource: https://www.loopnorth.com/news/rent0901.htm
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Will Mesa Multifamily Activity Trigger New Development?

The strong investment activity in Mesa last quarter will likely be the catalyst for new development.

By Kelsi Maree Borland | August 22, 2019 at 04:00 AM

Mesa, a submarket of Phoenix, has become the newest hotspot for Phoenix multifamily investment. According to the second quarter report from ABI Multifamily,

Mesa saw the biggest increase in multifamily investment activity in the greater Phoenix area.

It isn’t surprising that investors have turned to Mesa. The city’s geography makes it a good candidate growth and there is strong rent and population growth. This combination of rising demand and rents will could trigger new apartment development in a market that has seen little new construction in the past. . .

Read more > https://www.globest.com/2019/08/22