CHARLOTTESVILLE, Virginia (WVIR) – Charlottesville’s rental market is booming, but experts say there isn’t enough inventory to meet demand.
When the coronavirus pandemic forced people to stay indoors, they started saving.
Now that the restrictions are lifted, people are spending again, including in new places to live. This has led to a spike in prices, which also affects the rental prices.
âIt hasn’t been near the amount of rental default that we would expect if you read local economists, and occupancy rates have remained high,â CAAR Chairman Quinton Beckham said.
âIt really depends on demand, you know, and a lot of times that will be the location,â said Sarah Drumheller, Senior Regional Property Manager for MSC Rents. âWe have a lot of student properties, and there’s a seasonality with that. “
Those looking for rentals have run into roadblocks: âI can tell you that no matter what type of housing we are talking about, we need more. And so whether you’re talking about single family homes, condos, townhouses, or rentals, whatever we have is not enough, âBeckham said.
Despite the lack of rentals, there is hope.
âWe are starting to see the competition still being strong and the demand strong, but the rising price rocket is starting to decrease in level,â Beckham said.
However, there are still smart ways to enter the housing market if you decide to ditch rental plans and buy.
âFor people who want to buy a home right now, I would say do your homework, save as much down payment as possible, get advice from a professional mortgage lender on what your options look like,â Amy Webb with Nest REALTORS said.
According to Zumper, the average rent for a two-bedroom apartment is around $ 1,400.
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