Understanding the mechanisms that shape density‐dependent processes and population dynamics is often essential for species conservation. Two key mechanisms of density‐dependent reductions in reproductive performance are a limited access to foraging habitats (the habitat heterogeneity hypothesis) and territorial aggression towards conspecifics (the interference competition hypothesis) at high population densities. Disentangling the relative importance of these mechanisms within populations below their carrying capacity is important for the evaluation of the success of conservation measures. However, relatively few studies have attempted to quantify the relative importance of both mechanisms for the reproductive performance of a population. Many raptor populations are ideal model systems to investigate density‐dependent effects because they are currently recovering from human‐induced reductions during the last decades. Using a 14‐year dataset, we combined analyses of individual reproductive performance with a mechanistic population model to investigate early signs of density‐dependent regulation in a population of White‐tailed Eagles Haliaeetus albicilla in north‐east Germany. We found a negative effect of the number of neighbouring breeding pairs and a positive effect of water surface area (as a proxy for the availability of favourable foraging habitat) on breeding success and on the average number of nestlings. The mean nearest neighbour distance between breeding pairs has decreased, and the mean distance of nests to the nearest water body has increased over the last 14 years. Moreover, the population model indicates that even though the population is still growing, carrying capacity could be reached at about 500–950 territorial pairs. These results suggest that the selection of nesting sites is determined by a trade‐off between the distance to favourable foraging habitat and the distance to neighbouring breeding pairs. To avoid increasing competition with conspecifics, due to continued population growth, breeding pairs seem to select increasingly suboptimal habitats. Therefore, our results suggest that the habitat heterogeneity and interference competition hypotheses are not necessarily mutually exclusive as mechanisms of density‐dependent population regulation, but can determine the reproductive performance of a raptor population simultaneously. Thus, a future decline in breeding success does not necessarily reflect a decrease in habitat quality but may rather be a consequence of density‐dependent mechanisms. This information may be useful for the interpretation of population trends and for the development of appropriate management strategies for recovering raptor populations.