Mesa Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Mesa, AZ. Currently, the overall median rent in the city stands at $1,375, roughly the same as last month. Prices remain down 3.0% year-over-year. Read on to learn more about what’s been happening in the Mesa rental market and how it compares to trends throughout the broader Phoenix metro area and the nation as a whole.

Mesa rents are flat month-over-month and down 3.0% year-over-year

The median rent in Mesa rose by 0.3% over the course of April, and has now decreased by a total of 3.0% over the past 12 months. Mesa’s rent growth over the past year has is similar to the state average (-2.7%) but has fallen below the national average (-0.8%).

Mesa rent growth in 2024 pacing above last year

Four months into the year, rents in Mesa have risen 0.4%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had decreased 0.8%.

April rent growth in Mesa ranked #64 among large U.S. cities

Mesa rents went up 0.3% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #64. Similar monthly rent growth took place in Long Beach, CA (0.3%) and Miami, FL (0.3%).

Mesa is the #58 most expensive large city in the U.S., with a median rent of $1,375

Citywide, the median rent currently stands at $1,198 for a 1-bedroom apartment and $1,347 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,375. That ranks #58 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Mesa is 1.5% lower than the national, and is similar to the prices you would find in Fort Worth, TX ($1,381) and Durham, NC ($1,374).

Mesa rents are 4.9% lower than the metro-wide median

If we expand our view to the wider Phoenix metro area, the median rent is $1,446 meaning that the median price in Mesa ($1,375) is 4.9% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at -3.0%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 11 cities in the Phoenix metro area that are included in our database. Among them, Surprise is currently the most expensive, with a median rent of $1,836. Glendale is the metro’s most affordable city, with a median rent of $1,354. The metro's fastest annual rent growth is occurring in Surprise (-0.8%) while the slowest is in Avondale (-4.7%).

You can also use the map below to explore the latest rent trends in the Phoenix metropolitan area.