The housing market – be it homeownership or rental properties – has had quite the ups and downs during the COVID—19 pandemic.
It is still ever-changing across the nation. Knowing the basics and current trends can help renters looking to move to the South make an informed decision, whether they are looking at Jamestown apartments in North Carolina or beachside abodes in Miami, Florida.
Location, Location, Location
Where you are renting always plays a huge factor in price. It’s oft thought that city rental prices are higher than those of properties in rural areas – but that might not necessarily hold true in the current market.
The pandemic saw many people leaving densely populated areas in favor of quiet neighborhoods. Landlords know the value of their suburban and rural properties and are able to raise prices for these valuable properties. Many city properties are dropping in price in the hopes of luring people back to these areas.
Currently, south Florida is one of the top three rental markets on the rise in the country with higher than average prices. Charleston, South Carolina, however, is seen as an ideal place for Southern-bound renters. Fifty-three percent of the housing units in Charleston rent for between $1,001 and $1,500 per month. This is compared to a national median rent of $,1097.
The Housing Market Dictates a Lot
For a while now, the home buyer’s market has been seen as a seller’s one. Though prices have declined slightly, this notion still holds true.
The rising homeownership prices have caused those who were previously looking to buy to reassess their strategy and look instead towards renting. This has caused an uptick in rent prices.
As the housing market swings in favor of buyers, look for rental prices to start to drop. Many reports are hopeful that the market will slow down significantly in the spring of 2022, as it’s already showing signs of slowing in fall of 2021.
And So Does the Job Market
It’s slow but steady: there is more certainty in the job market now. Rent payment leniency and concessions are fading away as people become capable of meeting monthly payments.
Renters looking in the current market have higher salaries, in part, because many would have been buying homes instead in pre-pandemic times.
Many renters are also new work-from-home employees, and these types often come from bigger cities to find solace in quiet areas now that they don’t have to be within driving distance of an office. Jobs that are based in cities typically have a higher salary.
Rent is on the Rise in Most Areas
Zumper’s National Rent Report shows that the median one-bedroom rent in the country has risen by 11.8 percent since March 2020, and the two-bedroom median is up 14.3 percent over the same period.
November 2021 Apartment List National Rent Report shows that the national median rent has increased by 16.4 percent since January of 2021. To note, rental growth from January to October in the pre-pandemic years of 2017 to 2019 averaged just 3.2 percent.
Ghazanfar Ali has been a business marketer for the last3 years. He is working as a business manager opportunity provider for new companies to take them in the right way, many companies fulfil their requirements from him.