Booming housing market drives Alabama rent prices skyrocketing

“Astronomical figures”: the booming real estate market is also driving up rental prices



CAN BLAME RISING INFLATION FOR AT LEAST SOME OF THE PROBLEM WITH THESE RENT HIKES BUT RENT HAS RISED HIGHER THAN INFLATION. SO THERE ARE DEFINITELY OTHER FACTORS INVOLVING OF COURSE A HIGHLY COMPETITIVE HOUSING MARKET MEANS LOW SUPPLY AND HIGH DEMAND AND THEN THERE WERE THOSE RENT RELIEF PROGRAMS. WE HAVE SEEN IMPLEMENTED DURING THE PANDEMIC THOSE NOW EXPIRED AND MANY OWNERS WHO ARE LOOKING TO UNDERSTAND THOSE FEW YEARS OF RENTAL CASES THEY HAVE MISSED NOW THIS THREE BEDROOM TWO BATH HOUSE YOU SEE BEHIND ME IS FOR RENT NOW FOR $3,000 A MONTH HERE IN HOUSE WOOD. A LOT IS JUST TOO MUCH TO SWINGER. ALEX DAVIS AND HIS NEW WIFE. HOPE TO BECOME OWNERS THIS YEAR, BUT AFTER LOST HIGHER BIDS ABOUT A DOZEN TIMES, THEY GAVE UP FOR THE NOW AND MOVED TO A RENTAL. WE DID A ONE YEAR LEASE HOPEING WE CAN SEARCH FOR A HOUSE BY THE END OF THE YEAR, AND I THINK IT’S MONTHS TO MONTHS AFTER THAT. SO THIS WAS THE BEST DEAL WE CAN GET SAVANNAH WIGGINGTON AND HER NEW HUSBAND WERE CRUSHED TOO TOO. WE HAVE DECIDED TO MOVE INTO THE TWO BEDROOM APARTMENT. JUST WAITED. THEY ALSO FOUND LOTS OF COMPETITION. AND THE RENTAL MARKET MOST RENTALS ARE PICKED UP WITHIN DAYS OF LISTING. THE RENTAL MARKET IS CRAZY WITH APPLICANTS JUST BECAUSE THEY ARE AGGRESSIVELY TRYING TO FIND ACCOMMODATIONS DUE TO LACK OF AVAILABILITY, BUT YOU KNOW WITH THIS ALSO COMES THE VERY SHARP INCREASE IN THESE RENTAL RATES IN MAY FOR THE FIRST TIME A MEDIAN PRICE ACROSS THE REGION IN THE COUNTRY AND REACHED TWO THOUSAND DOLLARS ON AVERAGE FOR A RENT, WHICH IS AN ASTRONOMIC NUMBER AND FOR ALEX WHO HAD TO MUCH RATHER BE OWNER. HE SAYS HE LIKES TO THROW ALL THE MONEY DOWN THE DRAIN EVERY MONTH REALLY THE FRUSTRATION AND RENTALS IS THAT YOU ARE NOT ABLE TO MAKE A HOUSE YOUR REAL HOME. YOU’RE PAYING MORTGAGE PRICES FOR SOMETHING THAT’S NOT YOURS AND YOU CAN’T REALLY DO SO MUCH. YOU CAN’T DO SOMETHING AND IT’S A BIT FRUSTRATING. I DON’T THINK THIS WILL CHANGE SOON. IF ANYTHING I THINK IT WILL GET WORSE AND THEY WILL PROBABLY RISE HIGHER FOR HIGHER FOR A LITTLE LONGER. YEAH, YOU KNOW SWEENEY SAYS A LOT OF TENANTS THINK IT’S BETTER. THEY’RE BETTER TO REALLY LET THEIR LEASES GO FROM MONTH TO MONTH AND THEY USUALLY HAVE TO PAY EXTRA FEES TO DO SO. BUT SHE SAYS ACTUALLY OFFERS VERY LITTLE PROTECTION TO TENANTS A LANDLORD CAN INCREASE YOUR RENT AT ANY TIME WITH ABOUT 30 DAYS NOTICE AND ALSO IF THE LANDLORD DECIDES TO CASH ON THESE HIGH VALUES FROM THE HOUSE AND SELL THE NEW OWNER WILL BE ABLE TO EXTERN YOU VERY EASILY TOO. HOWEVER, IF YOU ARE LOGGED IN AND LOCKED IN A LEASE THEN THEY MUST HONOR THAT LEASE FOR THE DURATION AS WELL AS THE AMOUNT. LIVE RENT REPORTING

“Astronomical figures”: the booming real estate market is also driving up rental prices

With record property prices, many people have been squeezed out of the market, leaving potential buyers with renting as their only option. In the video above, WVTM 13’s Lisa Crane spoke with Homewood tenants who had to put aside their dreams in a competitive market, but are now facing skyrocketing prices in their rentals as well. Follow Lisa Crane on Facebook and Twitter.

With record property prices, many people have been squeezed out of the market, leaving potential buyers with renting as their only option.

In the video above, WVTM 13’s Lisa Crane spoke with Homewood renters who had to put aside their home-buying dreams due to a competitive market, but are now facing the surge. rental prices.

Follow Lisa Crane on Facebook and Twitter.

About Gene Schafer

Check Also

New Hampshire rental availability rate well below national averages – New Hampshire Bulletin

For years, New Hampshire has had an unsavory distinction: the state with one of the …