State of Mississippi sees increase in rent price over the year
While the nation as a whole has seen a drop in rent prices this year, the state of Mississippi has gone in the opposite direction.
According to a study done by Lending Tree, the average cost of rent in the state has gone up ten percent since January with the average one-bedroom apartment price increasing to $849.
Since 2020, the state has seen a price increase of 24 percent. According to Southern Way Realty Broker Alain Harpin, this increase is due to several factors such as an increase in rent and demand as well as the rise in value of the dollar. “You’ve got a slack in the demand of home sales and you’ve got a rise in demand of rentals, but because of cost of money is going up, those investors have to return – get that return on investments so they’re taking rents up.”
According to the same study, Mississippi has the second largest percentage increase in rent since June. Wyoming leads the nation.