The monthly price of rent is up

Has your rent increased this past year? For many, that answer is yes.

All across America, the price of rent is up and Mississippi is no exception. According to the November Rent Report 2021 by ApartmentGuide.com, the monthly average rent for a one-bedroom apartment in Mississippi is $963, up 4.36 percent from 2020.

Rental Management LLC Property Manager Wendy Lassabe says there are many factors driving prices up. “Of course, there’s supply and demand just like your building materials and all that. Then we have the eviction moratorium so, we didn’t have people leaving from an eviction. So, we don’t have any vacant units. Owners’ insurance has gone up.”

The monthly price of a one-bedroom apartment in South Mississippi costs tenants anywhere from $650 to $1,100 with some listed at $1,400. With rent increasing and a shortage of rental properties available and wait lists, Lassabe says it’s a stressful time for renters. “The rental market in our area due to military, the casino industry, I’ve been doing this for ten years and it’s always been a strong rental market. Prices, absolutely this is the highest I’ve seen them. A lot of the owners sold when they could, the prices rose and they were able to sell and didn’t want to be a landlord anymore.”

That’s exactly what happened to Coast resident Rebecca Rogers. She says when new owners took over her complex, the rent in her new lease increased by nearly $500. “You begin to see it on the news nationwide. But it’s happening here. It’s happening to your neighbor, your friends, your family, it’s happening here. People are in a housing crisis and you just feel like nobody knows that I am a shade away from living in my car. And that’s been scary and frustrating.”