Why are Rents so High?

Posted By Kim PeasleyParker @ Dec 30th 2010 7:28am In: Buyer Information

I will be up front with you about this post, it was generated based upon a bad experience of an agent in our office.  She had been showing a possible tenant rentals, when he fly into a tirade in her office about how expensive rentals were when base housing allowance was $X and he needed a larger place because he had a large family. Rent prices in any area comes down to supply and demand.  You remember the concept that was taught in our high school economics class.  It applies to the real estate market for buying and selling properties as well as renting properties. Sumter is experiencing an increase in demand that is higher than the available rentals.  This isn’t uniques to Sumter either.  Realtors across the country are experiencing an increase in requests for rental units while seeing a decrease in the number of units available decrease.  The result?  Increased rental prices. Realtors do guide their clients in setting rental pricing with the information about the market.  We make recommendations based upon size, condition, location and prevailing rents in the area. Similar to the way we price homes for sale.  Many rents are also influence by the taxes, maintenance and mortgage fees of the owners. I know it puts many possible renters into a tight situation with their budgets, but please don’t take it out on the agents.  We are just presenting to you what is available and the prices.

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