High Rental Costs and Low Vacancies Make Searching for Rent
HOLYOKE, Mass. (WGGB) – It’s been 15 years since Ken Askins has even thought about looking for a new place. Now that he is, the market is looking drastically different.
“I sold my house recently, and I’m looking to rent a place for a while, and cost of rental is a lot more than I remember it being last time I went to rent. You know, it’s frustrating,” Askins admitted.
A study by Harvard’s Joint Center for Housing confirms Ken’s experience.
Soaring rental costs and low availability make the search for a new home that much harder.
Paul Gallagher, President of Martinelli, Martini, & Gallagher, attributes some of that to landlord’s wanting to maximize what they get for their properties, and supply and demand.
“When we look at a tenant that comes to us to rent our property, we have income ratios. We’ll only use 40% of their gross monthly income. What this does is prevents them from getting in over their heads,” Gallagher explains.
When it comes to renting, Gallagher says there are three main things people look for: location, amenities, and, price.
“You’ve got your typical sections like Northampton, Amherst, or Longmeadow where there’s a real high demand, as you get further away, you have more of a pick so it’ll be better,” advised Gallagher.
In order to help navigate it all Gallagher suggests using a broker.
If you’re the Craigslist type, you’ve need to be extra careful of scams by checking to make sure whoever is posting the ad is credible.
Gallagher adds that people are still skeptical about buying a home, because they think it’s too risky in a still unstable market.
In the last year, between Hampden and Hampshire counties, the average property list price, and rent was $1250.