With the devastation Hurricane Michael left behind one of the long term side effects residents are facing is high rent prices. Those displaced are having difficulty in finding available housing, that’s assuming they’re even able to afford it.
Realtor Bubba McCants, a partner with the Counts Real Estate Group, said although there may be some places with unreasonable price increases, the overall general change in rent price is actually on par with the yearly increase that the market goes through.
However due to the storm, the supply of available housing has diminished considerably while the demand has shot up greatly.
“We had a real shortage anyway, before. Just because of the housing market being such a hot item, so you take that and you bring in a hurricane that knocks out 80,000 homes, you’re left with a very, very small, I mean an extremely small supply of houses,” said McCants.
He also noted that over the course of next few months renting availability should free up as out of town workers and property owners return to their homes.
RENT PRICES INCREASE AS AVAILABLE HOUSING DECREASES – WZEP AM 1460
Realtor Bubba McCants, a partner with the Counts Real Estate Group, said although there may be some places with unreasonable price increases, the overall general change in rent price is actually on par with the yearly increase that the market goes through.
However due to the storm, the supply of available housing has diminished considerably while the demand has shot up greatly.
“We had a real shortage anyway, before. Just because of the housing market being such a hot item, so you take that and you bring in a hurricane that knocks out 80,000 homes, you’re left with a very, very small, I mean an extremely small supply of houses,” said McCants.
He also noted that over the course of next few months renting availability should free up as out of town workers and property owners return to their homes.
RENT PRICES INCREASE AS AVAILABLE HOUSING DECREASES – WZEP AM 1460