Forbes projects the Phoenix population to increase slightly more than 4% this coming year. However, that unlikely that any population increase is going to make the Phoenix market to change significantly. The vast majority of people are migrating from another (usually colder) state, and a huge number of them are planning on renting. That should be good news because investors should be buying properties to rent, but in fact, the rental properties are already out there. There are currently 6200 active rentals on the MLS. Because most do not use the MLS for rentals, it would be reasonable to suspect that there are probably over 12,000 homes for rent, and who knows how many apartments?
In addition, when moving from another state, unless you have a job secured in the new location, obtaining a mortgage is very difficult within the first 6 months after the move. Since most leases require a 12 month commitment, it is very unlikely that home sales will be affected by the population change.
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