Updated: May 11, 2022 06:56 PM
Created: May 11, 2022 06:54 PM
We are almost halfway into 2022, and the price of renting and eviction filings have grown since pre-pandemic levels in 2020. However, prices have been elevating up and down throughout the last year.
"We started to see things kind of rebounded as we got into this past summer. Then we saw those prices increase during the summer in August and September of last year. The reasoning is that we're seeing two years' worth of increase happening all at once, and it's more like the market beginning to correct itself and going back to where it should be at the time,” says Carberry.
Brian Carberry is the Senior Managing Editor at Rent.com.
When looking for a rental place, know that prices have skyrocketed and inventory has decreased. “Right now, we are up about 23 percent across the county for one bedroom and two bedrooms apartments, compared to where we were this time last year, said Carberry. A lot of it boils down to supply and demands!"
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"Generally, it's the affordable units that get snatched up first, so what's left are things that are a little bit pricy, described Carberry. That's going to drive rent prices up if the only thing on the market is more luxury, pricier units; it does move that curve."
In Wisconsin, Millie Rounsville talks about how some properties that could have been used for rental services; were used in other ways. "Some single-family homes, the market was good, and people sold them, and they are now owner-occupied. In certain parts of our communities, Air Bnb has attributed to that. Reducing the number of housing units that would have been monthly rents for individuals.” Millie Rounsville, CCAP, is the Executive Officer at Northwest Wisconsin Community Services Agency Inc.
To help keep track and prevent evictions, Wisconsin created a state-wide list. They sent out a postcard to every household with information about residential assistance. "Every week, we get a list of every eviction that has been filled, and we can proactively reach out to those tenants ahead of time and see if there is a way we can provide that and assistance in preventing that eviction, Rounsville mentioned. If it's purely a monetary issue and also working with landlords."
Wisconsin homeowners that reside in Ashland, Bayfield, Douglas, Iron and Price can apply for assistance. The application for needs to be started online, and if you need help, you can contact Amanda email@example.com or via 715-392-3644 for assistance. For the Wisconsin Emergency Rental Assistance (WERA) program applications can be mailed, picked up from 1118 Tower Avenue Superior, emailed, etc. The staff member that will be working with the applicants will be Stacey Johnson. Stacey can be reached at SJohnson@northwest-csa.org 715-392-5127.
The Minnesota Rental Assistant program is no longer accepting applications. If you are seeking help with utilities, assistance is available through the Energy Assistance Program. Apply by May 31st, 2022.
Hopefully prices will decrease after the summertime, Carberry shares that, "I don't think you're going to see significant rates of increase, so you're going to be comparing to times when prices already shot up. So some of these double-digit increases that we're seeing are going to level off or come back down too to single digits. More like five percent is what we expect to see in any given year.”
Carberry also provides some helpful tips to keep in mind when looking for a place to rent. "If you find something and want to see if you can potentially save money in the long run, see if a landlord would consider a 24-month versus a 12-month lease and lock in the rate it is today." When searching for the right apartment for yourself, thinking of things that are truly important to you is a major factor. Some of those things can range from what part of town you want to live in. another big part is the monthly price range for the rental. Once you figure out those details, start your research and go from there.
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