TYLER, Texas (KETK) – Rental properties have become scarce as prices soar in East Texas, with many struggling to find new homes.
As soon as you see an available rental property, if you can’t act immediately, there’s a good chance you won’t see it again. We usually hear about what the homebuyer market can be like, but now the competition is in the rental market.
Rising rental prices in East Texas are influenced by inflation and supply and demand. But since the pandemic struck, many people have squatted down and plan to stay where they are, which is influencing the number of units available in the region.
“It’s hard to find anything, with all the jobs coming to town with the change in hospitals. UT Tyler and TJC have grown up. So you have a lot of people who come here for work looking. As soon as it’s available, they come and get it, ”said Josh Tavenner, Leasing Specialist at Nancy Wright Properties Management. With many people in a rush to find a new location, there are dangers in simply applying without having visited the property first. It’s important to think about what’s best for your wallet. “Is it worth spending $ 45 or $ 90 on application fees to stand a chance or if the property isn’t worth it – I really discourage people from doing that,” Tavenner said.
The availability of rental properties available in East Texas is scarce. Many have thought of going through private landlords to rent. In a financial time like this, many people ask themselves the question: is buying or renting a house a better option?
“In the current state of the market, leasing is the best option. There are less maintenance costs, you don’t have to worry about lawn maintenance, repairs, your roof – all of the things that come with homeownership. And you don’t have to worry about any other misc. expenses, ”said Dr. Charles Needham, professor of commerce at Jarvis Christian.
With inflation also affecting the expenses of buying a home, renting may be the best option. “First of all, make sure you have good credit by all means, because even to rent you need good credit. Also watch out for crooks. Unfortunately, with the housing market so tight when it comes to renters, there are scammers taking advantage of people looking for a place to go, ”said Dr Needham. Being aware of scammers who have fake acts and posting fake ads in a home they don’t even own can save you money on a deposit that isn’t real.
Finding new accommodation for you and your family can be time consuming and you may need to spend a bit more in today’s market. However, keep in mind that competition opens the door for crooks, so it’s important not to rush the process to protect your personal information.