CORPUS CHRISTI, Texas — Rental prices in Corpus Christi are down almost 5 percent over a year ago.
A recent survey indicates that average rental rates have significantly declined over the past year, offering a positive outlook for prospective renters.
Justin Colmenero, a property manager and realtor, mentioned that prospects for renting are improving for local residents.
"As of today, we have 303 properties that are actively available for rent here in Corpus Christi. 38 in Portland, ranging anywhere from $7,800 per month. That's for a fully furnished home out on the island, water view, all the way down to $600 a month," he said.
The December rental report issued by Apartment List shows the average rental is four point five percent lower than a year ago. Colmenero said that rent prices are also starting to stabilize following the COVID-19 pandemic.
"I believe that once COVID-19 started and really hit our market, you would see a lot of people that they didn't have their jobs anymore. They weren't employed," he said. "So money became an issue. They turned to rent because it's easier to qualify than to purchase a home. We see them shifting now into wanting to purchase a home. So there's not as much of a demand for rentals."
The report also highlighted that Corpus Christi experienced the largest rent increase of 12.5% in 2021. Austin and Ella Harrison are in search of an apartment and consulted Colmenero regarding rentals under $1,000 per month.
"There are a few places that we have looked and I'm going to give them a shout out," Austin said.
3NEWS asked Colmenero how long will the lower rents last. He said the market is still fluctuating, and it's still to early to give a hard answer.
"If I had a crystal ball, I would have that answer. I'm anticipating a good 12 to 18 months before we really see where the market's going to be. But Corpus Christi's resilient and things will I'm sure work out for the best," he said.
Since the middle of the pandemic in 2021, the Coastal Bend led the nation in the biggest increase in rents and now we have the biggest decrease compared to the rest of the country.
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