Real Estate Experts: 10 percent increase in rental homes in Amarillo
AMARILLO, Texas (KFDA) - Rental prices in Amarillo have increased more than double the norm due to the increase of individuals moving to the area, as well as inflation of material and labor costs.
Recent data taken from ‘statistical market analysis’ reports the average increase has jumped rental prices up around 10 percent in 2022, compared to three percent in the 2018, report.
According to Broker Associate at Coldwell Banker, Greg Glenn, the trend is in part due to inflation from material goods and labor for the homes.
“They have a lot of push that’s causing the price to go up you know we heard about inflation well that’s all the material that may go in and that may be the labor. It’s just everything. We’re sitting at about somewhere around 10 percent increase a year at this point,” said Glenn.
New residents moving to the Amarillo area from the construction of new companies bringing in thousands of jobs also is a key cause of the price increase.
“We’re seeing tremendous growth in the number of people looking, but we’re seeing strong demand and you’re still hearing stories of multiple offers in people purchasing and it’s the same way - there’s multiple people applying to be the tenant in a home,” said Glenn.
The increasing issue has caused the demand of rentals to match homes for sales.
“We probably at any one point in time have somewhere readily on the marketplace, I’m gonna say somewhere around 100 properties and so about 80 percent of those are being grabbed pretty quickly. It’s just about as fast a market as trying to find a home to rent as it is to find one to buy,” said Glenn.
It is recommended to use apps such as Zillow to find rental properties if you are interested.
Also looking ahead may not work, as these properties go quickly.
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