LAFAYET – Now that the rent moratorium has been extended to the end of July, many can step back and get another month to pay their rent, but some are still wondering how this will affect the housing market when it ends.
Many people who are not looking for apartments, but real estate to rent, are faced with the problem of long waiting lists and meager fees.
“Every time I started looking, I quickly realized that there weren’t many opportunities for a renter,” says one of the tenants. “When it came time to really think about making a deposit, I began to realize that what I really liked became more expensive, and within two days after it hit the market, there were about thirty applicants, and the next day it was go away. “
Jim Kitty, broker and owner of Keaty Real Estate, says he has never seen so many rental properties on the market, and says that this is because more and more homeowners are selling their homes at higher prices due to low interest rates. rates.
“Because the prices are higher than ever, many of these owners have chosen to sell rather than rent, so this is also eating up the properties that are available for rent,” says Kitty. “We predict it will slow down sharply when interest rates exceed four percent.”
With the moratorium ending one month later than expected, many tenants are wondering how this might affect the market.
“Lifting the moratorium, I don’t think it will have a big impact on this, because I don’t believe it really affected a lot of people,” he says.
But that doesn’t change the fact that it suffers a younger generation of renters who are not willing to buy.
“I’m just not ready for these times because of Covid and other factors, I’m not ready to make a purchase the size of a house,” says one tenant. “It’s so difficult because there are not so many options and I would rather not live in an apartment, but this is what I’m starting to turn to.”
Kitty says that if you are looking to rent a property right now, you should contact a local agent who can help you find patients for your ideal home.
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