Rental demands exceed supply - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Rental demands exceed supply

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If you're looking for an apartment or rental home in Amarillo, you may have a hard time. Apartment vacancies are down across the nation, as well as here in the panhandle. That is making it much harder for renters to find a place to call home.

Meanwhile, the amount landlords are charging for rent is increasing. Nationwide, rent has increased 1.3% over the last year according to Reis, a company that tracks real estate performance.

"The qualifying criteria for making a purchase with a mortgage is so stringent, that it's pushed many very qualified, very good otherwise homeowners into the rental market," Cindi Bulla, Chairman of the Amarillo Association of Realtors. It's because of this, that Bulla says more people are forced to enter the rental market.

Although someone might have qualified for mortgage loans two years ago, they are most likely not meeting the criteria now.

The demand of rentals is still exceeding the supply, even though there are far more rentals in the market than ever before.