CORPUS CHRISTI, Texas — If you're near the end of your lease then you've probably noticed an increase in your rent payment.
Local real estate professionals say that because home prices and rent tend to move in tandem with each other; when home prices are up so is rent, and vice versa.
According to Michelle Knight, property manager with Keller Williams Realty Coastal Bend, there are currently 103 rental properties in the entire City of Corpus Christi listed in the Multiple Listing Service(MLS).
Only three of those units being listed under $1,000.
"Which means that a single parent household, with a couple kids is going to have an income over $50,000 a year just to qualify," Knight said.
Knight adds that rental prices are increasing and inventory is low and affordable housing is becoming harder to come by.
"Everything is going up," Knight said. "The insurance is going up, taxes are going up, utilities all of that impacts the housing market."
According to Knight, she doesn't predict the rental market changing in the next year either. In fact by the time our interview ended knight said the number of rental properties had already dropped to 78.
"As long as the housing market stays hot, the rental market will stay tight," Knight said. "I think the days of finding a cute little three bedroom for $800 are long gone."
Knight said that she is also seeing a lot of people who own rental homes are selling them in order to take advantage of the strong market. This leads to even less units available for residents to rent.
"That's the frustration people have is that they aren't able to find what they are looking for in every instance," Knight said. When they do it's more expensive than they had planned.
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